Limited price upside expected in Brent crude | GulfNews.com:
"Oil prices may be hitting their peak. Benchmark oil prices have moved from a bearish to a bullish territory in just a span of 11 days, following Saudi Arabia’s energy minister that the country was “ready to take action” to stabilise the market.
Opec and non-Opec producers are slated to meet informally in Algeria late next month. The assurances from Saudi Arabia is a big turnaround from the Doha meeting in April, when Opec’s biggest oil producer said a deal was not possible without Iran, which has been boosting output to defend market share.
“The fear of freeze action will potentially be enough to dissuade traders from going aggressively short into September, a month that has been host to oil price declines,” Ole Hansen, head of commodity strategy at Saxo Bank said. Oil prices have been on a declining trend for the past five years in September."
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