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Crude Tad Firmer, WTI Shows Above $111/bbl

OIL

WTI & Brent have edged higher as the new week got under way with the risk switch flicked to on.

  • WTI briefly showed above the $111 mark and last trades at $110.70/bbl, up ~$0.40 from its previous settlement level. Brent last seen at $113.20/bbl, up ~$0.65 versus last settlement.
  • Weekend headline flow centred around Russia's participation in the OPEC+ framework. Saudi Arabia's energy minister told the FT that Riyadh wanted "to work out an agreement with OPEC+ ... which includes Russia," frustrating U.S.-led efforts to isolate Moscow over its invasion of Ukraine and undermine its critically important oil industry used to fund the war machine.
  • Latest COVID-19 headlines out of China failed to shed much light on the outlook. Shanghai reported no community infections, but Beijing's daily cases rose to a new high since the current outbreak started.
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WTI & Brent have edged higher as the new week got under way with the risk switch flicked to on.

  • WTI briefly showed above the $111 mark and last trades at $110.70/bbl, up ~$0.40 from its previous settlement level. Brent last seen at $113.20/bbl, up ~$0.65 versus last settlement.
  • Weekend headline flow centred around Russia's participation in the OPEC+ framework. Saudi Arabia's energy minister told the FT that Riyadh wanted "to work out an agreement with OPEC+ ... which includes Russia," frustrating U.S.-led efforts to isolate Moscow over its invasion of Ukraine and undermine its critically important oil industry used to fund the war machine.
  • Latest COVID-19 headlines out of China failed to shed much light on the outlook. Shanghai reported no community infections, but Beijing's daily cases rose to a new high since the current outbreak started.