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Oil around 1-month high as focus turns to production cut agreement

19 May 2017 08:16 GMT

By A/S Global Risk Management.



By Michael Poulson, A/S Global Risk Management

The last couple of months have proved that oil is one of the world's most volatile commodities - Brent has fluctuated from around $56 in March, down to $47 - and is currently back up to around $53. Expect additional volatility in the week to come as markets try to digest news and comments regarding the upcoming OPEC meeting in Vienna on 25 May. Both OPEC and non-OPEC oil producers will meet to discuss a potential extension of the current oil production cut deal - except the U.S.

Tonight, the weekly oil rig count from Baker Hughes will be followed closely - for several months the number of active drilling rigs in the U.S. has increased along with shale oil production. Same time a year ago, the rig count showed 318 active rigs, now the number is over 700.

Turning to economic data, yesterday, the Japanese GDP came out improved to 0.5% (0.3% previous) and U.S. Philadelphia Fed Manufacturing Index for May beat expectations (38.8 versus 22.0 previous). There are not major economic data releases today.



A/S Global Risk Management is a provider of customised hedging solutions for the management of price risk on fuel expenses. The company has offices in Denmark and Singapore. For further details about its risk management products and services, please call +45 88 38 00 00 or email hedging@global-riskmanagement.com.




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