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Oil Recovery Quashed as US Call on OPEC+ to Open Taps

COMMODITIES
  • Oil benchmarks trade lower, working against the recovery off the week's lows in both WTI and Brent.
  • Moves follow a report on CNBC, citing the White House's intention to call on OPEC and its allies to increase oil production as gas prices are on the up. The report goes on to say that OPEC+'s plans to gradually ease production curbs is "simply not enough".
  • As a result, WTI shot through nearby support, printing a low of $67.04/bbl before stabilising somewhat.
  • Trade in precious metals has been less eventful, with gold and silver inside recent ranges, but grinding higher despite general USD strength.

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