Crude On Track For 6th Straight Weekly Gain

Crude's early Asia-Pac rally faltered as broader risk appetite took a hit, leaving WTI & Brent futures at virtually unchanged levels as we move into European dealing.

• This comes after the major metrics added ~$0.20 come Thursday's settlement. Thursday's initial defensive tone was set by talks pointing to a resumption of talks between Iran & Europe at some point "soon," before the pressure from a move lower in U.S. equity futures added further weight. Reports that China has instructed energy firms to secure supplies for winter "at all costs" then put a bid into the space during NY hours, with the aforementioned losses quickly reversed. New session highs were registered in the wake of the aforementioned headlines surrounding China before RTRS source report suggested that "OPEC+ is considering going beyond its existing deal to boost production by 400,000 barrels per day (bpd) when it meets next week, sources said, against a backdrop of oil near a three-year high and pressure from consumers for more supply."