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Coming up: oil rig count, US production data and meeting between US and China

By A/S Global Risk Management.



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


Updated on 17 Aug 2018 08:14 GMT

Coming up: oil rig count, U.S. production data and meeting between U.S. and China

During this week, Brent crude traded in a range with a high just shy of $74 and a low of $70.30. This was a week where oil saw its lowest close since April. Not only has it been a volatile week for oil, but also bearish across other commodity markets. Some financial markets also took a beating - especially with the Turkish Lira.

This week's bearish sentiment is said to have been caused by the uncertainty the ongoing trade war spurs. However, next week some U.S. and Chinese officials will meet likely with trade on the agenda. This news probably brought some bullishness to today's markets, even though the meeting is not expected to really change the course of it. Additionally, the dollar strength has been decreasing slightly which could help support oil prices.

When the committee which monitors compliance to the current OPEC/non-OPEC oil production cut agreement (JMMC) meet next month in Algeria, Iran has requested to attend - even though the country is not member of the committee. The production cut deal members have complied well above 100% to the target most of the time since the deal took effect in January 2017.

Today, the US rig count is released together with EIA's US weekly crude production figures. The oil rig count last Friday showed an increase in active oil rigs of 10 and is currently around a three-and-a-half-year high.



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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Brent closed at around four-month low yesterday
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