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Oil Maintains Large Gains Post Surprise OPEC+ Cut Announcement

COMMODITIES
  • Crude oil has for the most part held onto large gains following the surprise announcement on Sunday that OPEC will cuts production by about 1.1mbpd from next month while Russia also said its production cut of 500kbpd would be extended until the end of the year. The largest OPEC cuts will be from Saudi Arabia of 500kbpd. Brent is up about 5% on the day although has drifted off from the initial high of 85.87$/bbl.
  • WTI is +6.0% at $80.14 off an early overnight high of $81.69. A clear break of $81.04 would signal scope for a continuation higher and open $83.04 (Jan 23 high). Most active strikes in the CLK3 are by far in $80/bbl calls, followed by $85/bbl calls.
  • Brent is +6.0% at $84.65, off early overnight highs of $86.44 that cleared resistance at $86.17 (Mar 7 high). A pick up of bullish momentum could ultimately see focus on the key $88.35 (Jan 23 high).
  • Gold is +0.8% at $1984.76, pushing back toward the bull trigger of $2009.7 (Mar 20 high) as the USD faded throughout the session.
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