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Oil Slips, But OPEC Stems Decline

COMMODITIES
  • Energy products traded lower for much of the Monday session, with both WTI and Brent crude futures falling as much as 3.5% at some points of the trading day. This saw WTI edge briefly below the 100-dma at $66.93/bbl briefly, before markets found bottom and recovered into the close.
  • A Reuters report citing OPEC+ sources helped stem the decline, rebuffing requests last week from the US for the group to turn on the production taps. The report went on to say that OPEC and Russia believe oil markets do not need more oil than they plan to release in the coming months.
  • Gold and silver traded in minor positive territory, benefiting from the over-arching risk-off theme as markets watched the chaotic scenes in Kabul as well as the poorer-than-expected macro data from China overnight.
Energy BulletsCommodities
Energy BulletsCommodities

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