Crude Rebounds to Highest Since Friday

Crude front month is rebounding from earlier lows of $79.13/bbl to the highest level since Friday, driven a recent decline in the US Dollar, uncertainty over the outcome of Thursday’s OPEC+ meeting as well as lower output at Kazakhstan’s oil fields due to the closure of the CPC and Novorossiysk oil terminals.

• Brent JAN 24 up 2.2% at 81.7$/bbl
• WTI JAN 24 up 2.3% at 76.57$/bbl
• Gasoil DEC 23 up 2.2% at 835$/mt
• WTI-Brent down -0.04$/bbl at -5.13$/bbl
• Reports suggested OPEC is still divided over whether to cut output further with many reluctant to do so. Earlier headlines said OPEC+ talks on oil policy are difficult, making a further delay or a rollover possible according to four OPEC+ sources. And OPEC+ no closer to resolving Africa Quota disputed according to delegates.
• Oil production at Kazakhstan's largest fields has fallen 56%, Shyngys Ilyasov, adviser to the country's energy minister, said, cited by Interfax, due to the ongoing storm in the region.