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Oil Buoyed as OPEC+ Eye No Change in Policy

COMMODITIES
  • WTI and Brent crude futures sit just above unchanged, keeping pressure on the better levels printed in the latter half of last week.
  • Following uninspiring trade during holiday-thinned Asia-Pacific hours, oil prices picked up on Reuters reports suggesting OPEC+ will opt for an unchanged output policy this month, running against rumours that circulated last week that the group could front-load their output hike plans to November, boosting production by 800,000bpd. Meetings are due to continue through the Monday session, with further headlines likely.
  • Gold trades lower, edging off the rally seen off the Thursday lower, possibly reinforcing the sell-on-rallies theme. From a trend perspective, the outlook is bearish following last week's move lower and extension of the bear phase that has been in place since Sep 3. A break of $1721.7, Sep 29 low would confirm a resumption of weakness and open key support at $1690.6, Aug 9 low.
Energy BulletsCommodities
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