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Crude Gets Shot in the Arm as OPEC+ Deal Crumbles

COMMODITIES
  • WTI and Brent crude futures traded solidly once again, despite thin and muted trade due to the US holiday. Markets responded to reports that the prospective OPEC+ deal struck late last week had crumbled, as the UAE refused to budge on the demand for their production baseline to be revised.
  • The prelim deal could be revisited at a future meeting, but the group failed to set a date for further negotiations, meaning that the group revert to the pre-existing deal - and no increase in output has been agreed.
  • Brent crude futures surged to touch new highs of $76.98/bbl, new multi-year highs.
  • Gold and silver saw inside trade, with both metals erring either side of unchanged into the Monday close.
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