Oil Lower as OPEC+ Decision Delay Hits Prices

WTI and Brent crude futures are both lower to begin the week, with the weekend talks over a potential extension to OPEC+'s output cut plans thrown into jeopardy as UAE and Kazakhstani representatives refused to sign up to the idea. Meetings continue Monday, with focus turning to headline risk out of the various oil ministers.

Copper continues to outperform, with fresh multi-year highs printed at 349.85 for the active contract. The continued outperformance of copper over precious metals (particularly gold) has put the copper/gold ratio at it's highest since June last year, with the rotation into growth assets persisting following the vaccine news over the past few weeks.

Gold weakness extended below the 200-dma after Friday's break, putting the metal at its lowest since early July.