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Oil Buoyed By Hopes Of Looser China Covid Curbs

COMMODITIES
  • Crude oil has on balance pushed higher today, buoyed by optimism that China will relax some Covid restrictions before pulling back on reports that OPEC+ will on Sunday keep to its current output levels after agreeing to a 2mbpd cut in October as opposed to any further cuts.
  • There was some late confusion on headlines that Iraq saying OPEC+ plans to cut output by 2mbpd this month but prices have largely unwound the subsequent small rise with no further context for the headline. In other news, the White House is looking for a “consistent” $70/bbl oil price to fill the SPR.
  • WTI is +1.6% at $78.45, sitting close to resistance at $79.9 (Nov 25 high).
  • Brent is +0.3% at $83.4, with an earlier session high of $86.00 coming closer to resistance at $86.87 (Nov 25 high).
  • Gold is +0.5% at $1749.5, with trend conditions remaining bullish but not materially progress made towards the bull trigger at $1786.5 (Nov 15 high).
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