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Intraday oil spike on geopolitical fears

10 Nov 2017 08:55 GMT

By A/S Global Risk Management.



Brent oil price is trading just below $64 at the time of writing after yesterday's spike approached $65.

Increased tensions in the Middle East arose, as allegedly a report was mentioned to be issuing travel warnings to citizens of Saudi Arabia, Kuwait, the UAE and Bahrain; increasing fears of further escalation of conflicts in the area. Any destabilization in the area could affect oil prices heavily, so the situation is monitored closely by the markets.

An extension of the current oil production cut deal when OPEC and non-OPEC meet later this month continues to take headlines. Earlier this week, OPEC's secretary general said that the parties did agree on the extension, but details regarding the length and size of cuts remain open to debate.

Markets are eyeing the weekly oil rig count from Baker Hughes, published tonight. The data indicates the number of active drilling rigs in the U.S. The last 5 of 6 weeks have shown decreases, last week 8 rigs were idled. Declines in the number of rigs is usually seen as bullish. However, earlier this week, the EIA reported of U.S. crude oil production increasing to 9.62 mio. barrels per day which is the highest output level for more than two years.



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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