BP, Japan's JERA to Create Offshore Wind JV -- -2-

0913 GMT - Oil prices rise in early European trade amid greater uncertainty in the Middle East after Syrian President Bashar al-Assad's regime fell. Brent crude is up 1% at $71.86 a barrel, while WTI rises 1.3% to $68.05 a barrel. "The geopolitical situation in the Middle East is likely to remain tense in the coming days following the collapse of Syria's government," ANZ Research analysts say. Still, gains are capped by persistent concerns over global demand and an impending glut despite OPEC+'s decision to extend a series of production cuts. The weak demand outlook was also underscored by Saudi Arabia's decision to lower its January prices for crude grades it sells to Asia, its main market. Focus this week will be on China's Central Economic Work Conference, as well as monthly reports from OPEC, the IEA and the EIA. ([e-mail])([e-mail])

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Comex Gold Futures' Bullish Setup Still Valid, Chart Shows -- Market Talk

0656 GMT - Comex gold futures' bullish setup is still valid, based on the daily chart, RHB Retail Research's Joseph Chai says in a research report. Friday's price movements have reaffirmed that "bears are respecting" the immediate support pegged at $2,640/oz, he says. "This is in line with our expectation that the support level is typically strong during a bullish technical setup," Chai says. As long as the commodity remains above this support, the "bulls have the technical upper hand," Chai says. Immediate resistance is pegged at $2,800/oz, Chai adds. Spot gold is 0.4% higher at $2,644.03/oz. ([e-mail])

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Iron Ore Rises Amid Signs of Improvement in China Property Sector -- Market Talk

0223 GMT - Iron ore prices rise in early Asian trade as China's property sector shows some signs of improvement. Recent Chinese stimulus measures have revived demand for steel and thereby for iron ore amid improving home sales in China, ANZ Research analysts say in a note. The country's iron-ore inventories fell to 130 million tons last week, the lowest level since August, they say. Investors will pay attention to China's Central Economic Work Conference later this week for details on any fiscal package and other potential supportive measures. The most-traded iron ore contract on the Dalian Commodity Exchange is up 1.7% at CNY791.5 a ton. ([e-mail])

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Gold Outlook Damped by U.S. Dollar Optimism -- Market Talk

0018 GMT - An improving U.S.-dollar outlook has put Commonwealth Bank of Australia's gold-price call of $3,000/troy ounce in 4Q 2025 in doubt, says analyst Vivek Dhar. In a note, Dhar says CBA now forecasts the U.S. dollar to rise 4% from current levels to a peak in 3Q 2025. That's changed from an earlier projection that the greenback would fall 8% by late next year. "Our bullish outlook over the next 12 months was underpinned by gold's ability to find support in any environment next year, but particularly when the U.S. dollar weakens," says Dhar. But if the U.S. dollar does rise in coming quarters, it's hard to be confident that gold will also continue to gain, he says. Spot gold is 0.1% higher at $2,636.22/oz. ([e-mail]; @RhiannonHoyle)

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(END) Dow Jones Newswires

12-09-24 0846ET