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China Repo Rates Rise on Thursday

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Little moves in oil or gold prices today on US Thanksgiving. Further Covid restrictions have weighed on oil prices but the moves have been limited amidst very low volumes, treading water ahead of next week's OPEC+ meeting.

  • The OPEC+ meeting on Dec 2 will decide whether or not to go ahead with the 400k bbl/d planned increase.
  • There were conflicting sources on the likely outcome yesterday, with Saudi Arabia and Russia in favor of a pause but others seemingly willing to proceed. Russia might have difficulty boosting output in winter.
  • WTI is -0.3% at $78.13, still comfortably between the $80.68 (Nov 16 high) required for short-term bullish conditions and the key short-term support of $74.76 (Nov 22 low).
  • Brent is almost flat at $82.23, slightly closer than WTI to the resistance level of $83.14 (Nov 16 high).
  • Gold is near enough unchanged today, currently $1789.9 after sliding earlier in the week. It remains vulnerable near recent lows, below the 20- and 50-day EMA, and with attention on the base of a bull channel at $1756.2.

-0- Nov/24/2021 16:52 GMT