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Oil Edges Higher On Saudi Threat To Shorts

COMMODITIES
  • Oil futures have fluctuated today but are back close to where they started, remaining broadly within the range they’ve settled into since rallying early last week.
  • A recent firming has followed the Saudi Oil Minister warning traders shorting oil prices that “I’m calling fellow OPEC+ ministers every day” and that the December meeting is “truly not suspended”.
  • WTI is +0.2% at $71.8. The near-term outlook remains bullish. Attention is on $74.53 next, the 50-day EMA, whilst initial firm support lies at $69.52 (Dec 7 low).
  • Brent is -0.2% at $75.0, with attention on the 50-day EMA of $77.02 and with initial support at $73.2 (Dec 3 low).
  • No commodity data of note tomorrow.
  • Gold has edged up +0.3% to $1788, keeping to the relatively narrow range it’s been in for a couple of weeks now. The base of a bull channel remains exposed, at $1766 when drawn off the Aug 9 low.
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