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Oil Dips as OPEC+ Hint More Supply Could Be Forthcoming

COMMODITIES
  • WTI and Brent crude futures were torn between two duelling factors on Thursday, having initially been boosted by headlines from China, in which the authorities had reportedly ordered their top energy firms to secure adequate supplies "at all costs". Oil markets received firm support in response, with WTI making headway back above $76/bbl.
  • The gains were shortlived, however, as Reuters cited sources in reporting that OPEC+ were considering options at their next meeting to release more oil to the market. Options cited included a front-loading of their pre-agreed oil output hikes, boosting supply by 800,000bpd in November.
  • Oil backtracked on the comments, with WTI and Brent headed into the NYMEX close in negative territory.
  • In metals markets, gold and silver saw a minor relief rally, with a stall in the greenback's recent strength allowing both metals to recoup a portion of recent losses. Silver headed higher by as much as 2.5% while gold rallied back above $1750/oz.
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