- OPEC meeting likely to maintain Dec output targets, weighing on crude prices
- Projected Fed rate hike of 25 bps to lead action across markets, including in gold
- US December jobs report, along with some big company earnings, also under watch
From Fed to ECB rate decisions, US jobs numbers, and earnings of three of America’s largest companies, it’s going to be a data-overload week for investors across markets. For those in oil, there’ll be the added stress of how crude prices could react to an anti-climatic OPEC+ meeting.
The Feb. 1 meeting of OPEC+ comes first. With no production change expected from the 13-member Saudi-led Organization of the Petroleum Exporting Countries and their ten oil allies steered by Russia, the meeting will effectively rubber-stamp the output OPEC+ agreed to in December. Oil bulls typically look to OPEC+ to announce cuts when the group meets. Sans that, crude prices are likely to dip.
New York-traded West Texas Intermediate, or WTI crude, and London-traded Brent oilrose at the start of Asian trading on Monday.
But they quickly gave back gains on the notion that the OPEC+ meeting will disappoint, and the Federal Reserve and European Central Bank, along with US employment numbers and earnings, will drive what could be a volatile week for both oil and gold.
WTI crude was down 68 cents, or 0.9%, to $79 per barrel by 02:24 ET (07:24 GMT). The US crude benchmark fell 2.5% last week after a cumulative 11% rally in two prior weeks. Month-to-date, WTI is down 1.8%.
Brent oil for March delivery was also down 68 cents, or 0.8%, to $85.72 per barrel. The global crude benchmark fell 1.1% last week after rallying almost 12% over two previous weeks. For January thus far, Brent was down 0.2%.
Looks like some short term volatility still out there, particularity if OPEC hold those production numbers.“No change to the OPEC+ output is expected to be announced at this week’s meeting, and we expect outlook commentary from the US Fed to be the key driver of the outlook in the near term.”
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