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CRUDE OIL ANALYSIS & TALKING POINTS Where to next for OPEC+? USD looks to NFP for guidance on Fed monetary policy . Overbought zone on both WTI and Brent could indicate downside to come? Get My Guide CRUDE OIL FUNDAMENTAL BACKDROP WTI crude oil and Brent crude oil remain elevated at critical levels last seen in mid-April driven by anticipated production cuts from OPEC+ which is scheduled to take place at the OPEC+ Joint Ministerial Monitoring committee meeting on Friday this week. If an extension is announced, crude oil prices are likely to maintain around these improved levels while reduced supply in other regions including Nigeria and Canada have supported could augment any upside. The recent CFTC report below shows long positioning on Brent crude oil increasing and corroborating recent price action. ICE BRENT CRUDE OIL CFTC POSITIONING – TOTAL OVERNIGHT INTEREST Source: Refinitiv Today’s miss on Chinese manufacturing PMI (Caixin) which has now slipped into contractionary territory has weighed on crude oil prices and has raised concerns around the Chinese economy. Later today (see economic calendar below), US ISM manufacturing PMI’s and JOLTS data will come into focus with the latter giving analysts some insight into the jobs […]
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