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Crude Futures Higher Ahead Of OPEC+ Meeting

OIL

Oil is higher in Asia-Pac trade, retracing most of Tuesday's decline. Oil markets saw support into last week's close as Hurricane Ida threatened production across the Gulf of Mexico. This continued to abate throughout the Tuesday session with WTI and Brent futures in modest negative territory. Despite the weakness, WTI remains bullish and traded to a fresh high Monday. The recovery from the Aug 23 low has defined a key short-term support at $61.74, Aug 23 low where a break is required to reinstate a bearish theme. Data from API yesterday showed headline crude stocks fell 4.045m bbls, but stocks at Cushing rose 2.128m bbls. Focus now switches to the OPEC+ meeting today, the group will assess the impact on demand from the spread of the delta variant and its implications for plans to return 400k bpd of supply to the market.

Energy BulletsCommodities
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