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Crude Oil Rebounds On Production Cuts Ahead Of OPEC+ Meeting

COMMODITIES
  • Crude oil has rebounded today as Saudi and Russia production cuts provide upward support to oil markets ahead of tomorrow’s virtual OPEC+ JMMC Meeting, in the process reversing yesterday’s sharp move lower despite a record draw in US inventories .
  • Saudi Arabia announced to extend its 1mbpd voluntary production cut until end-September, while leaving the door open to “extend” and/or “deepen” them. Following announcement, Russia’s Novak has said Russia will cut oil exports by 300kbpd in September, down from a voluntary cut commitment of 500kbpd in August.
  • Key members of OPEC+ are due to “assess market conditions” in the online meeting on Friday 2pm Vienna time. Little in the way of recommended policy change is expected from the event, with the market more hinged on Saudi/Russia voluntary cut intent this week.
  • WTI is +2.7% at $81.63 as it tilts back closer to next resistance at $83.59 (Nov 7, 2022 high).
  • Brent is +2.4% at $85.20, moving back nearer a key resistance at $86.18 (Jan 23 high).
  • Gold is -0.05% at $1933.41 off a low of $1929.65 with conflicting forces from softer USD index on the day but a large bear steepening in the Treasury curve. Support remains at $1924.5 (Jul 11 low) after which lies $1902.8 (Jul 6 low).
Energy BulletsCommodities
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