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Oil Inches Off Cycle Highs on OPEC+ Comments

COMMODITIES
  • Both WTI and Brent crude futures traded slightly lower into the Tuesday close, edging off the cycle highs posted on Monday.
  • Focus turned to numerous delegate comments from OPEC+, which raised the prospect of further reversing of oil supply cuts from August - their next meeting. Russia are said to be in favour of an increase in oil supply, with the country's Deputy PM meeting with oil company heads this week to assess the state of the energy market.
  • API inventories data will be eyed after the close, with tomorrow's DoE updates expected to show a draw of 3.9mln bbls.
  • Gold and silver both trade in minor negative territory with gold rejecting any late attempt on the overnight highs of $1790.2 and the 20-day EMA at $1844.8. This keeps the outlook tilted bearish following the clear breach of the 50-day EMA. Attention is on $1756.2, Apr 29 low and $1733.5, a Fibonacci retracement.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities

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