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Edging Higher After Monday's Rally

OIL

WTI & Brent have added $0.20-0.30 since settlement, sticking to tight ranges in Asia-Pac hours.

  • This comes after the benchmarks benefitted from the broader boost for risk appetite on Monday, which stemmed from the developments surrounding Moderna's COVID-19 vaccine trial. Both metrics added over $1.00 come Monday's settlement, after futures eased back from best levels as we moved through NY trade.
  • Back to crude-specific matters, the OPEC+ JMMC is set to convene today. A reminder that the gathering comes after source reports pointed to the OPEC+ JTC coming to a consensus of recommending a 3-6 month extension of current oil supply cuts from participating nations (a reminder that OPEC+ production is currently set to ramp up in January).
  • The latest round of weekly API inventory estimates will hit after hours on Tuesday.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
Energy BulletsCommodities

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