Oil down 1.5%
The OPEC+ decision was supposed to be today but trouble arose yesterday with the UAE grandstanding about the lack of full compliance and payback cuts. It’s also unclear if Russia is on board.
As a result, the meeting was moved to Thursday and oil prices have come under pressure.
Support is at the August high of $43.78. The low so far today was $44.12. Technically, it looks like a retest of an old break.
The problem in my mind is that demand in the front few months is still deeply depressed but the curve is essentially flat through 2021, in part because so much oil will be coming out of storage.