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Bullish Outlook


Trend Needle Still Points South


US-ASEAN Summit Concludes


Risk-On Sentiment Dominates

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  • After a soft close Friday, both WTI and Brent crude futures traded positively to keep cycle highs under pressure. This keeps the upside target for WTI crude at Friday's $67.52 ahead of the 2021 high at $67.98. The equivalent level for Brent rests at $70.24 ahead of $71.38.
  • WTI and Brent were largely unreactive to source reports that OPEC's technical committee have kept the 2021 oil demand growth forecast unchanged at 5.95mln bpd.
  • Gold saw some early gains Monday, with prices holding above key support at the $1900/oz level through the session. Nonetheless, last week's highs at $1912.8 look out of reach for now.
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