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OPEC+ Agree to Slowly, Steadily Ratchet Up Output

COMMODITIES

WTI and Brent crude futures traded higher into the close, with WTI edging back above $45.50 as OPEC+ finally reached an agreement on slowly, but surely, increasing output throughout 2021 and easing the group off their current output curb agreement. This saw WTI crude futures narrow the gap with the late November highs at $46.26.

Gold held its ground throughout the Thursday, but came off new weekly highs ahead of the close as US equities traded well. This prompts traders to target 1844.02 on the way higher before the 50-dma can be considered at $1880.24.

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