February 1, 2023

OPEC+ agrees to stick to planned 400K bpd output increase – report

No surprise there.

Oil hit new highs for the day just before the leak with brent running into offers at $79.99. There’s some selling of the news hitting in WTI.

The Canadian dollar is tracking the improvement in oil prices with USD/CAD falling to 1.2729 but there’s support at the low of the day at 1.2724 from Europe. Watch for a pivot around that level.

OPEC has set the date for the next meeting on Feb 2, which is groundhog day. And that will feel like a repeat because they’re likely to hike output again by 400k bpd again.

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