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Analysts Cautious Over Shorter OPEC+ Supply Curbs

RUSSIA
  • Local & USD continue to trade choppily in line with global risk sentiment.
  • Both curves seeing front/belly dipping lower this morning, with gains concentrated in 5Y tenors.
  • USD/RUB opens +0.32% higher, having failed to move below the 100dma at 75.379. S
  • pot may look to target the upper bound of the bear channel around 76.40-76.60, should 76.00 resistance fail to hold.
  • Brent continues to pull back from weekly highs amid concerns of oversupply stoked by OPEC+ comments.
  • Some analysts also highlight the possibility of a 2-month supply curb extension by OPEC following resistance from the UAE and Iraq to implement the 3-month extension (as is broadly priced in)
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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