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Oil Gives Up Gains on Downbeat OPEC Outlook


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.

MNI London Bureau | +44 203-865-3809 |
MNI London Bureau | +44 203-865-3809 |

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