Oil Lingers Below $50 as Market Yawns at Efforts to Whittle Glut - Bloomberg

Oil Lingers Below $50 as Market Yawns at Efforts to Whittle Glut - Bloomberg:

"Oil crept toward the $50-a-barrel mark after OPEC’s chief dangled the possibility of prolonging supply curbs well into next year. Oil producers led by Saudi Arabia and Russia are succeeding in shrinking a worldwide glut of crude, yet may need to take further steps to sustain the effort, OPEC Secretary-General Mohammad Barkindo said. The Saudi’s state-owned oil company announced the “deepest customer allocation cuts in its history,” a reference to how much oil it intends to ship next month. Futures fluctuated in a 59-cent range in New York amid light volume on the U.S. Columbus Day holiday. “It’s kind of a day of indecision,” Michael Hiley, head of over-the-counter energy trading at New York-based LPS Partners, said by telephone. Until producers formally agree to extend the cuts, the market is likely going to ignore OPEC headlines, he said."



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