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Crude Jumps On Speculation Of Large OPEC+ Production Cut

OIL

WTI and Brent crude oil futures have clung on to the bulk of their early Asia-Pac gains, sitting ~$2.30 above their respective settlement levels at typing.

  • Today’s early bid came on the back of various weekend press reports pointing to OPEC+ discussing cumulative output cuts of ~1mn bpd vs. current quota levels, with the potential for Saudi Arabia to conduct a unilateral output cut on top of that move.
  • Note that this week’s OPEC+ meeting has been switched to an in-person gathering in Vienna, the first such instance since early ’20, adding fuel to the speculation that the group will conduct a sizeable production cut.
  • Expect continued source reports across the wires ahead of the group’s Wednesday gathering as OPEC+ attempts to better balance oil market fundamentals.
  • Bulls need to overcome initial resistance in the form of the respective 20-day EMAs in both WTI & Brent to start turning the technical tide back in their favour.
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WTI and Brent crude oil futures have clung on to the bulk of their early Asia-Pac gains, sitting ~$2.30 above their respective settlement levels at typing.

  • Today’s early bid came on the back of various weekend press reports pointing to OPEC+ discussing cumulative output cuts of ~1mn bpd vs. current quota levels, with the potential for Saudi Arabia to conduct a unilateral output cut on top of that move.
  • Note that this week’s OPEC+ meeting has been switched to an in-person gathering in Vienna, the first such instance since early ’20, adding fuel to the speculation that the group will conduct a sizeable production cut.
  • Expect continued source reports across the wires ahead of the group’s Wednesday gathering as OPEC+ attempts to better balance oil market fundamentals.
  • Bulls need to overcome initial resistance in the form of the respective 20-day EMAs in both WTI & Brent to start turning the technical tide back in their favour.