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OPEC+ In Focus, With Ease of Output Curbs in the Balance

COMMODITIES
  • WTI and Brent crude futures trade on the front foot early Thursday, gaining around 2% apiece as focus turns to the upcoming OPEC+ statement. Markets are erring to expect a delay to the group's planned easing of a further 400,000 bpd per day in output curbs, with recent downside pressure on oil running against their forecasts. Instead, reports this morning suggest the group will likely discuss pausing oil output hikes planned for January.
  • WTI crude futures have recovered off the overnight lows of $64.82/bbl, but the week's best levels are still quite a way off at $72.94. Instead, markets watch intraday resistance levels of $67.69 - the 38.2% retracement of the week's range - for direction.
  • Gold and silver are mixed, with the yellow metal in minor negative territory while silver posts small gains. $1759.0 - the Nov 3 Low - marks key support headed into NY hours.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities

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