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Oil Bounces in Yet More Volatile Price Action

COMMODITIES
  • Extending the recent spell of volatility, WTI and Brent crude futures trade higher by over 4% apiece ahead of the Wednesday, putting prices back toward the midpoint of the range posted since Friday. $69.68/bbl marks first resistance for the F2 WTI future, marking the 38.2% retracement which, if topped, clears progress toward $71.30 and above.
  • The spread of the new omicron variant and the policy outlook across the US remain the key drivers, but markets are beginning to turn focus toward tomorrow's OPEC+ policy statement, as speculation the group will put pause to their plans to increase output in the face of sliding prices.
  • The Iraqi oil minister spoke to state news early Wednesday, outlining his openness to either a pause for output curbs or a 400k bpd increase in the quota - suggesting a decision is far from made among the council.
  • Gold and silver prices trade in furtive positive territory, but the yellow metal remains bearish for now. Gold sold off sharply early last week extending the move lower from $1877.2, the Nov 16 high.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities

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