Daily Alert – Wednesday 14th July 2021: OPEC+ said to be near a deal

Mark NugentDaily Alert, July 2021

Daily Alert – Wednesday 14th July 2021: OPEC+ said to be near a deal

Good evening traders.

There are reports that OPEC+ have offered concessions to the UAE, allowing them to increase their “baseline” level of oil production. This was the major stumbling block that prevented a production agreement at the recent OPEC+ meeting. The current agreement will lapse at the end of this month.

Elsewhere we see little movement in equities and GOLD. Currencies are not really following events on the economic calendar and are hard to predict.

My primary trading interest tonight will be WTI. It has taken a large move down today and is already reversing. I will look to place a pending long order later tonight.

I will be back on Friday.

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