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Crude Supported By Weaker USD & Upcoming OPEC Meeting

OIL
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Oil prices are around 0.8% higher during APAC trading buoyed by growing speculation whether OPEC may reduce output further at its next meeting on November 26. Brent has broken above $81 and is currently around $81.23/bbl and WTI breached $76 and is at $76.66. Crude has been supported by a weaker dollar (USD index -0.3%) following the PBoC’s strongest yuan fixing since August.

  • Saudi Arabia and Russia are widely expected to extend their voluntary production cuts into 2024 but there are growing thoughts that the rest of OPEC+ may announce an output reduction at the meeting this weekend given that prices are now little changed on the end of last year.
  • A softer greenback can boost crude as it reduces the cost for overseas purchasers.
  • Later Fed’s Barkin speaks and the October US leading index prints. Also ECB’s Lane appears.
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Oil prices are around 0.8% higher during APAC trading buoyed by growing speculation whether OPEC may reduce output further at its next meeting on November 26. Brent has broken above $81 and is currently around $81.23/bbl and WTI breached $76 and is at $76.66. Crude has been supported by a weaker dollar (USD index -0.3%) following the PBoC’s strongest yuan fixing since August.

  • Saudi Arabia and Russia are widely expected to extend their voluntary production cuts into 2024 but there are growing thoughts that the rest of OPEC+ may announce an output reduction at the meeting this weekend given that prices are now little changed on the end of last year.
  • A softer greenback can boost crude as it reduces the cost for overseas purchasers.
  • Later Fed’s Barkin speaks and the October US leading index prints. Also ECB’s Lane appears.