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Oil Boosted By OPEC+ Supply Risks

COMMODITIES
  • Despite fading in recent trade, crude oil has seen solid gains today with both Brent and WTI earlier testing resistance levels. OPEC+ supply risks support prices, which have mostly remained resilient to some renewed souring in debt ceiling talks on GOP comments later in the session with equities also sliding.
  • Comments from the Saudi Energy Minister Prince Abdulaziz bin Salman early today for oil speculators to watch out have added to upside risks with OPEC+ production intentions uncertain ahead of the ministerial meeting on 3-4 June.
  • Further on the supply side, the Russian government is considering a gasoline export ban to prvent domestic fuel shortgaes and prices inceases after a decision to reduce subsidies for refineries, industry and government sources told Reuters.
  • WTI is +1.6% at $73.17 having come close to key short-term resistance at $73.81 (May 10 high) after which lies $76.74 (Apr 28 high).
  • Brent is +1.4% at $77.09 having briefly spiked to $77.58 off $77.60 (May 10 high) after which lies $78.63 (50-day EMA).
  • Gold is +0.2% at $1975.82, gaining later in the session off lows of $1954.33 as Tsy yields have slipped intraday. Resistance is seen at the 20-day EMA of $1996.4.
Energy BulletsCommodities
Energy BulletsCommodities

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