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Oil Edges Off Highs, With Markets Wary of OPEC+ Supply

COMMODITIES
  • Both WTI and Brent crude futures trade in minor negative territory early Tuesday, with both benchmarks rolling off their respective cycle highs.
  • Focus this morning has been paid to numerous delegate comments from OPEC+, which raised the prospect of further reversing of oil supply cuts from August - which marks their next meeting. Russia are said to be in favour of a increase in oil supply, with the country's Deputy PM meeting with oil company heads this week to assess the state of the energy market.
  • Gold and silver both trade either side of unchanged, with gold eyeing the overnight highs of $1790.2 initially ahead of the 20-day EMA at $1844.8. Nonetheless, the outlook remains tilted bearish following the clear breach of the 50-day EMA. Attention is on $1756.2, Apr 29 low and $1733.5, a Fibonacci retracement.
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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