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Late Oil Rally as OPEC+ Near Deal

COMMODITIES

Both WTI and Brent crude futures underperformed earlier in the week as OPEC+ delayed making a decision on any extension to their output curbs. Prices advanced on Wednesday however, with prices adding over 2% for both crude benchmarks on reports that the OPEC+ group had made progress on coming to a harmonious decision as soon as the end of this week. A smaller than expected draw in DOE's crude oil inventories numbers had little effect, although WTI crude futures struggled to build above $46/bbl.

Gold advanced, rising further above the 200-dma which crosses today at $1802.26. A mixed outlook for equity markets (US markets were flat, albeit close to alltime highs) were also a supportive factor.

Energy BulletsCommodities
Energy BulletsCommodities

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