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Crude Oil Pulls Back From Highs As OPEC Exports Higher Than Planned

COMMODITIES
  • Crude prices have fallen on the day, as signs that OPEC exports are higher than planned and returning North Dakota production weigh against ongoing concerns in the Middle East.
  • North Dakota's oil production is disrupted by around 10-40kbpd as of 29 January due to the recent cold spell according to the pipeline authority.
  • OPEC+ appears to be making a slow start to its new output cuts, according to Kpler.
  • The US is set to review oil sanctions on Venezuela’s energy sector if the country upholds its ban on opposition candidates running in the presidential election, according to Bloomberg.
  • WTI is -1.45% at $76.86 having consistently pulled back from a high of $79.29 shortly after the open. That high came close to a key resistance at $79.56 (Nov 30 high).
  • Brent is -1.3% at $82.49 off an overnight high of $84.80, clearing the next key hurdle for bulls at $84.22 (Nov 30 high) and opening $86.64 (76.4% retrace of Sep 15 – Dec 13 bear cycle).
  • Gold is +0.4% at $2027.00 , holding gains despite net USD strength on the day as geopolitical risks remain at the fore after US troop deaths in Jordan. Resistance is seen at $2039.4 (Jan 19 high).
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