Free Trial

Oil Gives Up Gains on Downbeat OPEC Outlook

COMMODITIES

WTI and Brent crude futures started the session well, gapping higher alongside equities on positive Brexit newsflow and a generally weaker USD. This effect reversed, however, as OPEC released their latest outlook figures, cutting oil demand forecasts by 1mln barrels per day for the first quarter of 2021. Oil inched back up towards unchanged ahead of the close, but sits well off the day's highs.

In precious metals space, spot gold and silver trade with minor losses, with spot gold narrowing the gap with key support at the $1810.44 200-dma. A fall through here opens a retest of the late November lows and key support at $1764.80.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.