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Prospect of OPEC+ Output Hike Still Adding Weight

COMMODITIES
  • WTI remains below Tuesday's high of $76.67. Dips are considered corrective and a bullish theme remains intact. The recent break of resistance at $73.58, the Jul 6 high and bull trigger confirmed a resumption of the uptrend. The focus is on $78.24 next, a Fibonacci projection with scope seen for a climb towards the psychological $80.00 level further out. On the downside, firm support is seen at $73.58.
  • The prospect of OPEC+ supply remains a key driver for prices, with prices topping out yesterday as sources reports suggested the group could front-load supply with an 800,000bpd increase in production across November.
  • Gold is more rangebound, but is holding on to the bulk of the Thursday gains. Price action formed a bullish engulfing candle. A rally would suggest scope for a stronger corrective bounce, perhaps towards $1787.4.
Energy BulletsCommodities
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