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Volatile Day For Oil Ahead Of OPEC+

  • Crude oil prices are currently down slightly on what has been a volatile day, ahead of OPEC+ expected to approve a March increase of 400kbpd tomorrow.
  • OPEC’s technical committee found that the market will be oversupplied by 1.3mbpd in 2022 if OPEC+ fully unwind their production cuts as planned.
  • However, members struggled to boost output in recent months, with production 832kbpd below target in Dec and with further difficulties into Jan.
  • WTI is -0.1% at $88.05. It fleetingly cleared first resistance at $88.84 (Jan 28 high) before retracing, whilst support remains at $85.01 (Jan 26 low).
  • Brent is -0.2% at $89.04 and has remained below initial resistance of $90.27 (Jan 28 high), with support at $87.79 (Jan 27 low).
  • Gold continues to edge up slowly this week, up 0.2% at $1801.1. It remains comfortably between resistance of $1822.2 (Jan 27 high) and support of $1780.4 (Jan 28 low). Analysts in the London Bullion Market Association's 2022 survey saw prices largely stable, averaging $1801.9 through year.

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