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Cautious Shift

OIL

Oil has traded softer, retreating from recent multi-month highs. Brent crude trades at USD47.66/b, down from an intraday high of USD48.04, while WTI has edged down to USD44.85/b from USD45.13/b.

  • Markets have struck a more cautious note, underpinned in part by renewed uncertainty over the timeline for rolling out coronavirus vaccines after Oxford-AstraZenecea indicated an error in the published results of its vaccine trial.
  • There is some speculation of division within OPEC+ over an expected production increase early next year with Iraq and UAE said to be eager to scale up output sooner.
  • OPEC's President Abdelmadijd Attar warned that the group needs to remain cautious as data indicate the possibility of a production surplus in the near term.
Energy BulletsCommodities
Energy BulletsCommodities

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