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OIL: Recovers From Lows On Reports That Israel-Lebanon Ceasefire Is Breached

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WTI & Brent rally by ~$1 from lows after headlines suggested that the recently agreed ceasefire between Israel and Hezbollah has already been violated

  • This risks further heightening of tensions in the region and triggers some worry surrounding oil flow.
  • Earlier, OPEC+ confirmed that its upcoming meeting will be delayed until Dec 5, although that (and prior source reports pointing to the delay) had very little impact, given prior speculation that the group will look to delay its scheduled production hike.
  • Technicals remain negative for both WTI and Brent.
  • Initial resistance of note in WTI comes in at the Nov 7 high ($72.41), while initial resistance in Brent comes in at the Nov 5 high ($75.79)
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WTI & Brent rally by ~$1 from lows after headlines suggested that the recently agreed ceasefire between Israel and Hezbollah has already been violated

  • This risks further heightening of tensions in the region and triggers some worry surrounding oil flow.
  • Earlier, OPEC+ confirmed that its upcoming meeting will be delayed until Dec 5, although that (and prior source reports pointing to the delay) had very little impact, given prior speculation that the group will look to delay its scheduled production hike.
  • Technicals remain negative for both WTI and Brent.
  • Initial resistance of note in WTI comes in at the Nov 7 high ($72.41), while initial resistance in Brent comes in at the Nov 5 high ($75.79)