Free Trial

Crude Weighed By OPEC+ Discord Whilst Gold Nudges Higher

  • Crude remains weaker Thursday but has recouped much of the earlier losses after a delay in the OPEC+ meeting rattled markets this week. A strong US crude stock build reported this week has also weighed on the WTI-Brent spread.
  • Nigeria and Angola are the main nations pushing for higher production quotas, disrupting normal OPEC+ meeting proceedings. Both nations are aiming to boost their production in the short term.
  • Nigeria’s proposed 2024 target will reduce to 1.38mn bpd – from 1.74mn bpd previously but will rise to 1.58mn bpd if three independent consultancies can confirm its capacity to produce at this level.
  • An Angolan official stated the country’s intent to remain in OPEC, somewhat settling the markets Thursday.
  • Outwith the difficulties faced by OPEC to assuage African nation concerns, Saudi and Russia are expected to sustain or deepen cuts into 2024 when they meet November 30.
  • WTI is -1.1% at $76.24 off a low of $75.30 but having remained easily within yesterday’s wide ranges. Resistance seen at $78.55 after which lies a key short-term $79.65 (Nov 14 high).
  • Brent is -0.7% at $81.42 off a low of $80.19 but having also remained easily within yesterday’s wide ranges. Key short-term resistance seen at $83.97 (Nov 14 high).
  • Gold is +0.1% at $1992.25, paring earlier gains with a modest intraday recovery in the USD index. Resistance remains at the bull trigger at $2009.4 (Nov 7/Oct 27 high) having come close in the prior two sessions.

To read the full story



MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.