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Oil Finishes Flat, Awaiting OPEC+ Cues

COMMODITIES
  • WTI and Brent crude futures finished in minor positive territory, with markets awaiting this week's OPEC+ meeting, at which the group are expected to further ease their output curbs and boost supply by 550,000bpd.
  • The JTC met ahead of this week's full videoconference, and ended without any specific discussion of an output hike, however the JMMC meeting was moved to Thursday from Wednesday in order to allow for more protracted talks - possibly a sign that a production boost is in the offing.
  • Gold and silver traded under pressure, with gold slipping as much as $27/oz as stops were triggered on the way through the late April/June lows. The outlook remains bearish, opening first support at $1734.3, the 76.4% retracement of the March - June rally.

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