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Oil Markets Watch OPEC+ Arm Wrestle

COMMODITIES
  • Both WTI and Brent crude futures trade higher ahead of the Thursday NYMEX open, with focus on the OPEC+ negotiations in Vienna, which are expected to result in a boost in oil output to the tune of 500,000bpd.
  • Despite this, reports suggest there's continued disagreement among OPEC+ members over the size of any easing of output curbs, as Russia press for an increase of as much as 1mln bpd, while Saudi Arabia favour a more gradual approach.
  • Most recently, headlines suggest the different factions among the group have settled their differences and reached a preliminary deal of monthly increases of less than 500,000bpd.
  • Running against the gold weakness earlier in the week, precious metals having bounced off the lows and are firmer early Thursday. Gold remains below the $1800/oz level, but is narrowing the gap with first resistance at the $1790/oz 100-dma.
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