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Crude Futures Reverse Lower Following OPEC+ Meeting Announcements

  • Crude is set for an intra-day decline, as the market met OPEC’s announced output cuts of 2.2m b/d with scepticism. Crude regained some ground after further details of the cuts were revealed, but it remains lower on the day. The resumption of loadings from Black Sea Ports have added some further downside.
  • WTI futures are down 2.2% at 76.14$/bbl with the trend outlook unchanged and remaining bearish. On the downside, the bear trigger lies at $72.37, the Nov 16 low. Clearance of this level would resume the downtrend.
  • For NatGas, Henry Hub down marginally on the day, as a larger than expected US inventory build has added further downside. However, prices have regained ground from their intraday low of $2.767/MMBtu.
  • In precious metals, the firmer greenback weighed on spot gold, which has fallen 0.44%. However, spot silver continues its impressive run higher, continuing to trade at the best levels since May.

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