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Oil Off Week's Lows Ahead of OPEC+

COMMODITIES
  • Both WTI and Brent crude futures trade in decent positive territory, in the green by just shy of 2% apiece. The OPEC+ meeting today look to decide the group's policy for May output, with some focus paid to reports that the US had reached out to Saudi Arabia to discuss the promotion of 'affordable energy' - possibly complicating matters for the group.
  • Expectations remain for the group to rollover pre-existing output cuts from April, although source-based reports this morning eyed gradual oil output increases at a maximum of 500,000bpd.
  • Metals markets are less eventful. Spot gold has built upon yesterday's late rally, testing the $1720/oz mark but failing to progress any further. Markets look to top $1733.45 to make any headway toward mid-March's $1755.50 and the 50-dma beyond.
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