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On Track For A Solid Weekly Gain Ahead Of Weekend OPEC+ Meeting

OIL

Brent crude is holding close to $87/bbl, slightly up on NY closing levels. At this stage we are sitting at a gain for the week near 4%, the best since early October. WTI sits at $81.20/bbl, tracking an more impressive +6.44% for the week.

  • Optimism around an improved demand outlook from China going forward has been a key drive of sentiment this past week. We remain below key moving average levels for Brent, but we need to clear overnight highs (near $89.40/bbl) and then we can target $91.48/bbl, the 50 day MA.
  • Looking ahead the weekend focus will be the OPEC+ meeting on Sunday. While there has been some discussion of potential further supply cuts, sell-side analysts see the status quo being maintained as the most likely outcome.
  • The G7 is also reportedly close to an agreement on a $60/bbl oil price cap for Russian exports. This comes ahead of Monday's EU oil import ban on Russian crude oil imports (via sea trade).
Energy BulletsCommodities
Energy BulletsCommodities

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