FXStreet reports that strategists at TD Securities said that OPEC+ status-quo production hike may be fodder for $100 Brent Crude Oil.

“OPEC+ plans to increase output by 400k b/d per month for November, resulting in surging energy supply risk in the near-term as OPEC infers less of a knock-on impact from the natural gas shortage for oil and petroleum product demand than the market's assessment.” 

“Delta-variant risks have proved benign, while growing departure levels suggest air traffic will continue to support jet fuel demand across both APAC and the US. With demand for fuel rising, crude and petroleum product markets, particularly Brent, heating oil and fuel oils, are likely to get tighter and prices higher. Should this trend continue, specs may be eyeing $100/b crude as the next big level.”