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Brent above $60 as OPEC/NOPEC extension seems increasingly likely

30 Oct 2017 09:04 GMT

By A/S Global Risk Management.



Brent above $60 as OPEC/non-OPEC deal extension next month seems increasingly likely

Brent oil price broke through the $60 level on Friday and remains at two-year-high at time of writing

Comments about OPEC and non-OPEC oil producers agreeing on an extension of the current oil production cut deal through the entire 2018 support prices. The parties will meet end of November to potentially formally agree on the extension which looks increasingly likely at present.

The crown prince of Saudi Arabia, the largest OPEC oil producer, is allegedly in favour of extending the deal by 9 months, and OPEC's secretary general stated that "together with the statement expressed by President Putin this clears the fog on the way to Vienna on Nov. 30".

The weekly oil rig count from Baker Hughes on Friday showed an increase of 1 rig in the U.S. after 3 weeks of declines.

Not a lot of economic data today, but overnight, Chinese and Japanese key numbers will be published.



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.


Image: Michael Poulson, Oil Risk Manager at A/S Global Risk Management. Image credit: A/S Global Risk Management




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