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Higher For The Week, All Eyes On Nov 30 Opec Meeting

OIL

Brent sits unchanged versus end Thursday levels, last near $81.40/bbl. Earlier highs were just above $81.80/bbl. The benchmark hasn't been back above $82/bbl, since Wednesday's plunge on headlines around the delay of the OPEC+ meeting. At this stage Brent is around 1% higher for the week, which would be its first gain in 5 weeks. WTI is tracking near $76.50/bbl in recent dealings, following a similar trajectory to Brent (+0.80% higher for the week).

  • Focus remains on the Nov 30 OPEC+ meeting. An Angolan official stated the country’s intent to remain in OPEC, somewhat settling the markets Thursday.
  • Still, 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.
  • Saudi and Russia are expected to sustain or deepen cuts into 2024 when they meet November 30.
  • In terms of levels, key short-term resistance for Brent is seen at $83.97 (Nov 14 high). For WTI, resistance is seen at $78.55 after which lies a key short-term $79.65 (Nov 14 high).
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