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WTI, Brent Rally Flattens Out

COMMODITIES
  • The recent rally in oil futures has flattened out slightly, with both WTI and Brent crude lower into the Monday close. Markets focus turns to the upcoming OPEC+ meeting on Thursday, at which the group are expected to up their daily output by a further 550,000bpd - still shy of forecasts for demand growth headed into Q3.
  • Both major crude benchmarks slipped around 1.5%, but managed to trade inside the recent range. This keeps first support for WTI at the Jun24 lows of $72.32/bbl.
  • Silver recouped early losses having bounced ahead of the 200-dma support in spot. Early USD strength faded, helping buoy USD-denominated commodities ahead of the US close.

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