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Oil Rips to New Highs as OPEC+ Stick to Script

COMMODITIES
  • WTI and Brent crude futures ripped higher Monday, with both oil benchmarks touching a fresh cycle best at $78.38/bbl for WTI and $82/bbl for Brent.
  • The price action followed a much anticipated OPEC+ meeting, at which markets speculated that the group could front-load their planned output hikes to bring November production higher by 800,000bpd - double the previously agreed pace. This didn't come to pass, with OPEC+ sticking to the script and sending a message that the group will tolerate restrained output in exchange for high prices.
  • This leaves the rally off the August lows intact, with WTI targeting $79.53 initially ahead of psychological resistance at the $80/bbl handle.
  • Elsewhere, gold is firmer off the Sep29 low at $1721.7, with a firmer recovery needing to take out $1776.6 ahead of the 50-dma at $1783.7 to firm the outlook.
Energy BulletsCommodities
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