Oil Flat as Market Awaits OPEC+ Cues

Oil trades largely flat as markets await further cues from the ongoing OPEC+ deliberations. The latest reports suggest talks have been delayed by a further two days in order to allow for out-of-meeting negotiations so an agreement could be struck by end-of-week.

The squeeze in copper markets continued Tuesday, with copper futures keeping yesterday's multi-decade high under pressure in early Tuesday trade. A break above $348.45 would mark the highest price since 2013.

Despite firmer equities this morning (the e-mini S&P has added around 70 points from yesterday's lows), gold is recovering, benefiting slightly from the resumption of greenback weakness. The 200-dma had worked as a decent resistance level, crossing today at $1801.25, but prices are looking more comfortable above here in recent trade.