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OPEC+ Still Undecided On Supply Cuts; GS Sees $65/bbl In 2021

RUSSIA
  • Local & USD yields continue to trade choppily on bumpy risk sentiment as the US and China lock horns.
  • 10Y yields continue to drift higher towards 5.85, while the front end of the curve resumes volatile trading around the 4.55 mark ahead of CPI figures due this week.
  • USD/RUB opens higher this morning above 76.00 in line with souring global risk sentiment and downside pressure on oil prices.
  • Focus today remains on OPEC+ meetings scheduled for 13:00GMT, following an unproductive meeting held on Sunday.
  • Goldman Sachs says it's base case remains for a 3-month supply cut extension to prevent a return to global oil surplus through 2021, but not all producers are on board (2021 price target remains $65/bbl).
  • Warns a failure to cuts should see a $5 decline in spot oil prices and add to short term volatility.
  • Sources this morning, however, point to discussions for a 3-4 month extension taking place today.
  • Price action remains within the bear channel, having rejected the 100dma (75.43) and should remain choppy this week within the 76.60 - 75.00 range, with breakouts on either side determining a more meaningful short-term direction
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market News
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market News

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