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WTI, Brent Top Out at New Highs

COMMODITIES
  • Oil markets continue to trend higher and both Brent and WTI appear comfortable above $70.00/bbl. A bullish sequence of higher highs and higher lows remains intact and moving average studies are in a bull mode reinforcing the current bull trend conditions and market sentiment.
  • This shifts focus to the upcoming OPEC+ meeting in Vienna next week. The group's delegates meet on July 1st, with recent reports suggesting the group could up daily output by a further 500,000bpd - still a relatively small move given the IEA's forecast that Q4 oil demand will hit multi-year highs of 100mln bpd in Q4.
  • Gold and silver traded in minor positive territory, with moderate dollar weakness and a stall in equities underpinning precious metals.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities

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