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Crude Stabilises As OPEC+ Output Cuts Remain

OIL

Oil prices are moderately higher during the APAC session today after falling almost 2% on Friday. The reaffirmation of Saudi and Russian output cuts to year end has provided support plus a weaker dollar has helped (USD index is down 0.1%). WTI is up 0.5% to $80.94/bbl after a high of $81.20 and Brent +0.4% to $85.24 following $85.55 earlier.

  • Last week the current containment of the Middle East conflict removed crude’s war premium and demand concerns, especially from China, weighed on prices and so they were down around 5% on the week.
  • Saudi Aramco cut prices to Europe where demand has fallen and left them unchanged to North America. Two of the five grades shipped to Asia were unchanged while the other three saw price rises, according to Bloomberg.
  • Later the Fed’s Cook speaks on financial stability. On the data front there are October European composite/services PMIs.
Energy BulletsCommodities
Energy BulletsCommodities

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