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Respecting Monday's Ranges

OIL

WTI & Brent last deal around settlement levels, after recovering from worst levels of the Asia-Pac session, although the benchmarks have stuck to the confines of the respective ranges established on Monday.

  • To recap, Monday ultimately saw broader COVID jitters and OPEC+ squabbling pressure crude, outweighing geopolitical tension surrounding Iran.
  • Re: OPEC+, Russia is pushing for a 500K bpd increase for cumulative group production in February, while most of the group supported a rollover of the current production levels, per source reports. The disagreement means that participants reconvene on Tuesday with focus on the aforementioned divide as Russia looks for OPEC+ to regain market share, while others remain wary of the impact of increased supply in a fragile, COVID-hampered environment. This highlights the impact that OPEC+ fractures can have, which has been magnified by the now monthly meeting schedule for production pact participants.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
Energy BulletsCommodities

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