Brent Crude Oil Trades Higher After OPEC+ Denies the Rumor of Possible BPD Output Rise

Brent Crude Oil

Brent crude oil is trading higher today following yesterday’s continuation of OPEC+ member nations denying rumors around a possible 500 million BPD output rise. In addition, the API weekly crude oil stock change missed forecasts (2.6MMbbls), falling by 4.8MMbbls.

This morning shows the greenback marginally on the back foot stemming from an underwhelming statement by the Fed’s Bullard, who many expected to reiterate his prior hawkish comments, which was not the case.

The economic calendar is fraught with U.S. economic data, including durable goods orders and consumer sentiment, but the real focus would be this evening’s FOMC minutes which markets will look to for the cadence of future interest rate hikes and if there is any change to the current information at hand.

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