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Oil Markets Recover Ahead of OPEC Monthly Report

OIL

Oil markets are recovering ahead of latest OPEC monthly report out at 1200 GMT (1300 Vienna time). The latest report will help to indicate OPEC production levels.

  • Last week saw a number of reports suggesting strong seaborne outflows from the USA, Guyana and Saudi over the prior 28 days. Iranian, Kazakhstani and Venezuelan flows edged lower over that period.
  • Markets are also eyeing US CPI data this week as well as the IEA monthly report while Fed comments late last week leaned more hawkish again.
  • Potential supply disruptions from the Middle East have eased while concerns around US and China demand build.
  • Expectations that Saudi may have to extend voluntary supply cuts into 2024 are building against the weaker price backdrop with questions around their ability to get volumes back into the market on current fundamentals.
  • Brent JAN 24 up 0.2% at 81.56$/bbl
  • WTI DEC 23 up 0.2% at 77.31$/bbl
Energy BulletsCommodities
Energy BulletsCommodities

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