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OPEC+ Expected to Stick to Planned Output Boost

COMMODITIES
  • Oil markets trade in minor positive territory early Tuesday, with WTI and Brent crude futures higher by around 0.8% apiece. WTI sits just below the $77/bbl handle, with progress through here and $77.44/bbl exposing the best levels for the contract since late November.
  • OPEC+ meet again Tuesday, with the group expected to stick to their planned expansion of output by another 400,000bpd, effective from February. The meetings begin from 1200GMT/0700ET, with the formal decision set to be made at a meeting around one hour later.
  • WTI futures are holding the sizeable Dec27 rally and remain in an uptrend. Recent weakness is considered corrective. Yesterday's low of $74.27 represents a key short-term support. Attention is on resistance at $77.44, the Dec 29 high and a Fibonacci retracement. A break would confirm a resumption of the uptrend and open $78.59, Nov 24 high.
  • Gold traded sharply lower yesterday. In terms of price patterns, the sell-off appears to be a bearish engulfing candle but it remains to be seen whether this pattern is an early sign of a stronger bearish reversal that would result in a break of support at $1753.7, the Dec 15 low.
Energy BulletsCommodities
Energy BulletsCommodities

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