OPEC and major Non -OPEC countries agreed on cut extension going all the way to Q1 2018. The market, however, did not respond too enthusiastically as prices had already adjusted. Instead, now, prices are down by 5% as many believe cut deal is not enough for balancing. Even low inventory levels did not help much. My hopes were high, however, that did not play out right. I was back in oil trading which cost me now dearly again. Now, breakeven price is 50$ which I am fine with it right now. Demand will be going up in the future months which can give a strong floor to oil prices. At a time of writing (5 June) I closed my positions on gold after making back all my losses and some profit. It took quite some time though to get them back. After the sharp rise of gold in the last of the week will end up with correction and I still believe in the long term gold trend is up. However, I am not that enthusiastic with gold anymore. Such a large exposure was a mistake.
I will be moving to focus on investing in stocks at least that is the plan but any opportunity in commodity markets, I will be taking it.
World news recap: Trump is out from Paris Climate Accord, Terrorist Attack in London, OPEC deal extension by Q1 2018, Comey to testify on June 8, 2017.