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Crude Steadies, Putin To Travel To Saudi Arabia

OIL

Oil prices have been trading in a narrow range during the APAC session holding onto the losses from the previous three days. WTI is flat at $73.07/bbl, close to the intraday low and off the high of $73.45. Brent is hovering around $78. The USD index is flat.

  • Comments from the Saudi energy minister that cuts can easily be extended beyond Q1 2024 seem to have provided a floor to the market. Markets have questioned the compliance with the new quotas given the internal divisions in the lead up to the announcement. It is also focussed on rising non-OPEC supply, especially in the US.
  • Russian President Putin is apparently scheduled to travel to the UAE and Saudi Arabia this week, according to Bloomberg.
  • Futures contracts are in a bearish pattern signalling a looser market.
  • Later US API inventory data is released and also US services PMI/ISM for November print as well as October JOLTS job openings. There are also European PMIs.
Energy BulletsCommodities
Energy BulletsCommodities

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