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COMMODITIES: WTI Rises As OPEC Delays Unwind Of Production Cut

COMMODITIES
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  • Crude oil prices have rallied today, driven by OPEC’s decision to delay the start of its cut unwinding. A weaker USD is also supportive.
  • WTI Dec 24 is up by 2.9% at $71.5/bbl.
  • OPEC+ had originally planned to gradually return output of 2.2mb/d, starting with a 180kb/d increase in December.
  • For WTI futures, initial resistance is at $72.34, the Oct 24 high, with key short-term resistance at $77.70, the Oct 8 high.
  • Meanwhile, spot gold is broadly unchanged today, with the yellow metal less than 0.1% higher at $2,738/oz.
  • The pullback from last week’s record high at $2,790 is considered corrective for now.
  • Last week’s gains resulted in a breach of $2,685.6, the Sep 26 high, confirming a resumption of the primary uptrend. Sights are on the $2,800.0 handle next. Firm support is $2,712.8, the 20-day EMA.
  • In contrast, copper has rallied by 1.4% to $443/lb today, amid renewed China stimulus hopes.
  • China’s National People’s Congress Standing Committee held a meeting today where it discussed a plan to increase local governments’ debt ceiling to swap out their hidden debt, according to Bloomberg.
  • A continuation higher would refocus attention on key resistance at $479.00, the Sep 30 high.
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  • Crude oil prices have rallied today, driven by OPEC’s decision to delay the start of its cut unwinding. A weaker USD is also supportive.
  • WTI Dec 24 is up by 2.9% at $71.5/bbl.
  • OPEC+ had originally planned to gradually return output of 2.2mb/d, starting with a 180kb/d increase in December.
  • For WTI futures, initial resistance is at $72.34, the Oct 24 high, with key short-term resistance at $77.70, the Oct 8 high.
  • Meanwhile, spot gold is broadly unchanged today, with the yellow metal less than 0.1% higher at $2,738/oz.
  • The pullback from last week’s record high at $2,790 is considered corrective for now.
  • Last week’s gains resulted in a breach of $2,685.6, the Sep 26 high, confirming a resumption of the primary uptrend. Sights are on the $2,800.0 handle next. Firm support is $2,712.8, the 20-day EMA.
  • In contrast, copper has rallied by 1.4% to $443/lb today, amid renewed China stimulus hopes.
  • China’s National People’s Congress Standing Committee held a meeting today where it discussed a plan to increase local governments’ debt ceiling to swap out their hidden debt, according to Bloomberg.
  • A continuation higher would refocus attention on key resistance at $479.00, the Sep 30 high.