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Tuesday, 25 October 2016

OPEC is back in business, and the market is skeptical: Kemp | Reuters

OPEC is back in business, and the market is skeptical: Kemp | Reuters:

"OPEC's output accord in Algiers last month was initially greeted with enthusiasm by oil market bulls but much of that euphoria is now dissipating as traders question whether it will make an actual difference.

The agreement, coming after many observers had written off the possibility of a deal, initially pushed crude prices sharply higher ("Saudi Arabia squeezes hedge funds with bearish bets on oil", Reuters, Oct. 10).

Flat prices and timespreads firmed as traders concluded the accord would accelerate the rebalancing of supply and demand ("Healthier oil market conditions at hand", Energy Intelligence, Oct. 19)."



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