- Brent crude remained near $80/Bbl Monday morning as OPEC+ plans to discuss its production policy amid a tight oil market
- OPEC+ will be reviewing their plan to continue hiking production 400MBbl/d
- Many analysts believe the group will affirm their plan, while some OPEC+ members have said the cartel is looking at boosting output by more than 400 MBbl/d
- Money Manager net-long positions in Brent rose to 329k lots, the highest since mid-March (CFTC)
- Brent swap dealer short positions climbed 21k lots to 110k, highest since August 2020
- U.S. drilling rigs rose by seven for the week ending October 1 (Baker Hughes)
- Oil-directed rigs accounted for all seven of the increase as gas rigs stayed flat at 99
- Oil rigs now stand at 428, up 239 from a year ago