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WTI, Brent Lower Ahead of Key OPEC Meeting

COMMODITIES

OPEC+ meet later today to confirm the latest output targets, with reports swirling to suggest that Saudi Arabia and Russia are in discussions over a proposed joint production hike - raising the focus on any announcement later today. Sourced reports in the WSJ suggest the two nations are eyeing a production hike of as much as 1mln bpd. The committee is scheduled to be meeting from 1300GMT/0800ET before a decision is made.


  • This has kept most crude benchmarks on the backfoot, with WTI and Brent lower to the tune of 0.5% ahead of the Thursday NYMEX open.
  • Metals are more mixed, with gold slightly firmer while silver remains in retreat. This has helped the gold/silver ratio rise further off recent lows, but the 2021 highs remain well out of reach for now.
Energy BulletsCommodities
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