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Brent Close To Flat For The Week On Mixed OPEC Views
Brent crude is modestly lower versus NY closing levels from Thursday. We were last close to $76/bbl. This is well below highs for the week above $78.50/bbl, but we haven't tested Thursday session lows near $75/bbl so far today. WTI was last under $72/bbl, following a similar trajectory.
- Brent is barely in positive territory for the week, as the market continues to digest conflicting signals from OPEC+ members. Russia's Deputy Premier stating the group was unlikely to adjust production targets in June (next meeting is next weekend June 3-4). This contrasted with earlier comments from the Saudi Arabia Energy Minister, which stated speculators should 'watch out'.
- Speculation around the meeting outcome is likely to dominate market sentiment over the coming week.
- For Brent, a break sub $75/bbl would open up a move to the May 15 low around $73.50/bbl. On the topside, the 20-day simple MA comes in close to $79/bbl.
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