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Oil Gains As OPEC+ Seen Considering Cuts

COMMODITIES
  • Crude oil reversed earlier losses on headlines that OPEC+ is seriously considering new cuts at its meeting next week according to Eurasia, with Brent underperforming WTI after EU diplomats say talks on the Russian price cap have stopped for the day with no deal and that it has discussed a cap as low as $62/bbl.
  • WTI is +1.0% at $77.06, having come close to testing support at $73.38 (1 proj of Aug 30 – Sep 28 – Nov 7 price swing) before retracing higher. Resistance is seen at $79.9 (Nov 25 high).
  • Brent is -0.7% at $83.03, off an intraday low of $80.61 that now forms initial support after which sits the round $80.
  • Gold is -0.8% at $1740.41 after a reversal in dollar strength and higher Treasury yields through the session. It moves closer to support at the 20-day EMA currently of $1729.2.
Energy BulletsCommodities
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