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Crude A Touch Lower To Start The Week

OIL

WTI & Brent crude futures sit ~$0.25 and ~$0.35 below their respective settlement levels, after China pointed to a release from its strategic petroleum reserves, while the U.S. remains the most vocal of the oil consuming nations when it comes to calling on OPEC to open the supply taps.

  • Continued solidarity within the OPEC+ group was noted over the weekend, and cushioned the early losses seen in crude, with Iraq & Angola pointing to a need to maintain the status quo when it comes to the envisaged loosening of production constraints ahead of the group's gathering later this week i.e. 400K bpd of permitted additional cumulative production across participating countries on a M/M basis.
  • A reminder that the OPEC+ JTC downgraded its view re: the current tightness of the global oil markets on Friday, indicating less of a need to open the taps.
  • Elsewhere, Goldman Sachs reaffirmed its bullish view on crude.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
Energy BulletsCommodities

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