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Free AccessOil Treading Water Ahead Of OPEC+
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
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.