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WTI, Brent Edge Off Cycle Highs While OPEC+ Decision in the Balance

COMMODITIES
  • Having traded solidly throughout the week, both WTI and Brent crude oil benchmarks edged off the cycle highs printed this week, with markets looking through near-term OPEC+ discord despite the decision hanging in the balance.
  • Reports Thursday suggested Saudi Arabia and Russia had found common ground to ease output curbs further by an immediate 400,000bpd, with as much as 2mln bpd hitting the market at a later date. This agreement was called into question, however, with UAE refusing to proceed with the plan until their production baseline was altered.
  • Gold saw support as the USD faltered following the mixed payrolls report, with the headline change in payrolls countered by a rising unemployment rate and slippage in participation. Gold traded a high of $1795.2, running into resistance ahead of the key $1,8000/oz mark.
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