Softens Ahead Of OPEC+ Meeting

Crude futures have come off Friday's closing highs in a holiday thinned Asia-Pac session. 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. As a reminder JPMorgan joined other sell-side outfits looking for further resilience in energy prices over the winter months as they upped their year-end Brent forecast to $84/bbl from $78/bbl previously. Markets look ahead to the OPEC+ meeting today, the group is expected the ratify the 400k bpd output boost agreed in July, though the upbeat assessment of demand given previously could result in a higher addition.