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- WTI and Brent crude futures trade solidly in positive territory, with prices bottoming out off the Friday lows and recouping as much as 5%. Despite the rally, prices remain well shy of recent levels, with WTI still close to $8 off last week's $79.23.
- The OPEC+ technical meeting scheduled for this week has been bumped back a few days to accommodate for the subsequent market volatility following the disclosure of the Omicron variant. Given the pullback in prices, OPEC+ could pause the planned rollout of a further easing of 400,000bpd in output curbs, which will remain a market focus in the coming sessions.
- Despite the minor bounce in prices, WTI futures remain vulnerable. Friday's breach of support at $74.76, low Nov 22 and the subsequent sharp sell-off has confirmed a resumption of the downtrend and marks an extension of the current bearish sequence of lower lows and lower highs.
- Gold is still consolidating and remains vulnerable. The yellow metal sold off sharply early last week extending the move lower from $1877.2, the Nov 16 high. Price has also traded below the 20- and the 50-day EMAs.