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Oil Extends Gains With China Demand, OPEC Uncertainty And Lower Crude Stocks

COMMODITIES
  • Crude oil sees another day of solid gains, pushed higher on increased optimism for Chinese oil demand, uncertainty over the upcoming OPEC meeting and after API data showed a big draw in crude stocks.
  • Coming later but helping support the prior increase was a much larger than expected draw in US crude stocks (-12581 vs -2908 exp) although was partly offset by oil demand concern after a fall in gasoline and distillates product supplied data.
  • Since then, EU talks are seen focusing on a $60/bbl price cap, down from $62/bbl most recently mentioned, before some late support from a weaker USD post-Fed Chair Powell’s remarks.
  • WTI is +3.0% at $80.52, clearing resistance at $79.90 (Nov 25 high) to open $82.43 (Nov 18 high).
  • Brent is +2.9% at $85.43, moving closer to resistance at $86.87 (Nov 25 high).
  • Gold is +1.1% at $1768.78, starting to close in on the bull trigger of $1786.5 (Nov 15 high) after surging with a weaker USD and Treasury yields.
Energy BulletsCommodities
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