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USD Weakness Buoys Oil, WTI Erases Tuesday Weakness

COMMODITIES

WTI and Brent crude futures both sit slightly higher, by around 1% or so, with WTI narrowing the gap with the Monday high at 42.09.


  • The weakness in crude prices that followed OPEC+'s failure to reach an agreement on an extension to supply curbs unsettled markets yesterday, but this has largely been shrugged off ahead of NY hours today. Going forward, the weekly DoE crude oil inventories numbers are a focus, with the a build of around 1.2mln bbls expected in the week ending Nov13.
  • Gold is softer, failing to find any support in the USD weakness. Markets ruminated over the blocking of Judy Shelton's nomination to the Fed late yesterday, with some speculating that late Tuesday weakness could be due to her much-vaunted preference for a return to the Gold Standard. Monday's lows provide first support at 1865.30.
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