(15 JULY 2020)DAILY MARKET BRIEF 2:Oil prices have recovered

<p>In the commodity market, gold has retreated in early trading on Wednesday but has consolidated well above $1,800 after temporarily breaking below that level on Tuesday. The metal is currently down 0.20% to $1,810. The safe-haven has probably capped losses amid tensions between the US and China and the increasing number of COVID cases. Oil prices have recovered from Monday losses after a sharp decline in US crude inventories. Markets are now focused on the OPEC+ meeting scheduled for today. Both crude brands have increased by 0.43%. The American Petroleum Institute reported that crude inventories dropped by 8.3 million barrels in the week ending July 10, which is fourfold compared to what analysts have expected. Nevertheless, the OPEC meeting might send bearish signals, as the cartel intends to ease its record production cuts.</p>