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OPEC Hesitance Boosts Crude Benchmarks

COMMODITIES
  • Both WTI and Brent crude futures traded solidly into the Thursday close, with the OPEC+ meeting signalling to markets that supply curbs would only be very gradually eased as Coronavirus continues to dampen demand for energy globally. Markets may have been harbouring outside expectations that OPEC+ would accelerate output in the coming months after reports that the US had emphasised their preference for 'affordable' energy in a call with Saudi Arabia.
  • Brent crude futures rose just over $2/bbl as markets look to secure a close above the 50-dma at $63.12. Resistance remains in tact at the mid-week highs of $65.46/bbl.
  • After a soft start, both Gold and Silver saw decent support into the US close as the greenback turned lower. The USD index eased off the mid-week highs, which coincided with 2021 cycle highs for the greenback. Both metals registered gains of well over 1% apiece.
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