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Brent closed at $75 but quickly fell to current levels of $73-74

By A/S Global Risk Management.



Michael Poulson, Global Risk Management. Image credit: Global Risk Management


Updated on 20 Apr 2018 08:37 GMT

Since Brent oil price passed $70 earlier this month, the only way seems to be up for oil prices in general.

The geopolitical risk premium has eased somewhat as the alleged chemical weapons attack in Syria no longer takes headlines, but then the deadline for U.S. recertifying the lifting of international sanctions against Iran looms in mid-May.

Today, the joint ministerial monitoring committee, JMMC, meets in Jeddah. The JMMC monitors the compliance of current oil production cut deal between OPEC and a row of non-OPEC countries. In March, according to a survey, the OPEC countries complied 159% with the deal, as especially Saudi Arabia, Angola and Venezuela produced less then agreed. Venezuela likely mainly due to economic crisis in the country. Global inventories in developed economies were around 43 mio. barrels above five-year average in February. In January 2017, same data stood at 340 mio. barrels.

Tonight, the weekly oil rig count from Baker Hughes is published. The last two weeks have shown increases in the number of active rigs which is now at more than 3-year high.

Apart from a couple of Fed member speeches, no potential major economic market movers are due 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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