Sharp Gains In Crude Oil Prices Lift Global Stock Markets Wednesday

(Kitco News) - World equity markets were mostly firmer Wednesday amid sharply higher crude oil prices. U.S. stock indexes are pointed toward positive openings when the New York day session begins.

Traders and investors worldwide are anxiously awaiting the results of the OPEC oil cartel meeting that began Wednesday in Vienna, Austria. Crude oil prices are sharply higher on reports Iran's oil minister said he believes a deal to curtail the cartel's collective crude oil production will be reached, even though Iran does not want to immediately scale back its output.

There is also marketplace uncertainty regarding the December 4 Italian referendum on constitutional reforms. A "no" vote on the reforms could eventually put Italy in violation of European Union rules.

Gold prices are trading weaker overnight and hovering near last week's 10-month low.

In overnight news, the Euro zone November inflation rate came in at up 0.6% from October and was up 0.8%, year-on-year. The November readings were the highest in over two years.

The other key "outside market" on Wednesday sees the U.S. dollar index trading slightly higher. The greenback bulls still have the solid near-term technical advantage.

There is a heavier slate of U.S. economic data due for release Wednesday, including the weekly MBA mortgage applications survey, the ADP national employment report, personal income and outlays, the ISM Chicago business survey, pending home sales, the Federal Reserve's beige book, and the weekly DOE liquid energy stocks report.

Spot gold on Kitco.com has been trending lower during most of the overnight session with prices hitting a high of $1,191.80 an ounce a a low of $1,182.90 an ounce.

By Jim Wyckoff, contributing to Kitco News; jwyckoff@kitco.com

Follow Jim Wyckoff @jimwyckoff for breaking market news.