Oil gapped higher at the open of US futures trade on Sunday evening:
ANZ remarks on what they expect from the OPEC+ meeting on Wednesday:
- The group has already signalled that it is willing to intervene to support prices. We suspect it will be moved to counteract the excessive bearishness in the market by announcing a cut to production. Anything less than 500kb/d would be shrugged off by the market. Therefore, we see a significant chance of a cut as large as 1mb/d.
And also supportive of the price:
- Crude oil found some support early in Friday’s session after China issued new crude oil import and export quotas as it seeks to revive its economy.
Some gap fill :
