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WTI, Brent Inch Higher Ahead of Key OPEC+ Meet

COMMODITIES
  • Both WTI and Brent crude futures found some support ahead of the Wednesday close, with both benchmarks higher by 0.5% or so. The full July OPEC+ videoconference kicks off Thursday, at which the country representatives are due to discuss the possibility of an output hike of circa 550,000bpd.
  • Reports circulated suggesting there remains some acrimony between certain OPEC members, with Saudi Arabia reportedly preferring a gradual approach to easing output curbs, whereas Russia are pressing for a swifter response.
  • Gold has broken lower and cleared support at $1761.1, Jun 18 low. The break lower confirms a resumption of the downtrend that started Jun 1 and note the move lower has confirmed the bear flag that developed during the most recent consolidation phase.
Energy BulletsCommodities
Energy BulletsCommodities

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