Opec oil deal dominates market tone for the week:
"All eyes are on Vienna and Opec’s annual gathering with a keenly awaited decision on production levels. An Opec deal on Wednesday that delivers a concrete supply reduction of at least 1m barrels a day, with non-members such as Russia on board could boost oil beyond its recent $40-$50 range.
While traders pushed Brent towards $50 a barrel earlier last week, news on Friday that Saudi Arabia would not attend a meeting with Russia and Kazakhstan on Monday, prompted a pullback in the crude benchmark below $48.
The price action underscores the high stakes for oil traders should Opec stumble in trying to distribute a production cut among members before ministers convene their meeting. A sticking point appears to be Iran, recovering after years under western sanctions, and which believes it should be treated as a special case without any output restraints."
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