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Crude Oil Surges With OPEC+ Cuts Eyed, Supportive Backdrop

COMMODITIES
  • Further USD weakness and modestly lower Tsy yields again provide a supportive backdrop for commodities, further boosted in the case of oil by OPEC+ delegates reporting consideration of a production cut as much as 2mbpd at tomorrow’s meeting.
  • At the margin, the Biden administration says there is no consideration of new SPR releases whilst the WSJ reports that the EU is likely to approve a G-7 cap on Russia oil in two steps with final approval holding off until the rest of the G-7 is ready.
  • WTI settles +3.5% at $86.52 for a three-week high and +8.8% over two sessions for the largest two day gain since Apr 13. It moves close to testing resistance at the 50-day EMA after which would lie $92.26 (Aug 30 high).
  • Brent is +3.3% at $91.79, having earlier probed above resistance at the 50-day EMA of $92.11.
  • Gold is +1.5% at $1725.2, through resistance at the 50-day EMA of $1713.8 and establishing a short-term bull cycle having earlier first traded above trendline resistance. Next resistance is eyed at the key level of $1735.1 (Sep 12).
Energy BulletsCommodities
Energy BulletsCommodities

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