War of Words Threatens to Upend OPEC Meeting - Bloomberg:
"OPEC ministers head to Vienna, Austria, this week for the 173rd meeting of the Organization of Petroleum Exporting Countries. Brent crude prices are up almost 20 percent since the last meeting on May 25, 2017, while those for West Texas Intermediate are up around 10 percent. The Nov. 30 gathering is likely to have a different tone than the last two OPEC meetings because global oil demand has strengthened, inventories have tightened, prices are on the rise and trading technicals appear bullish.
Bullish oil price dynamics should please OPEC members, but like all large gatherings of colleagues at this time of year, some inter-office drama could spoil the party. Geopolitical tensions between Iran and Saudi Arabia are the highest in more than a year. This could spill over into the negotiating room, and dash traders’ hopes of additional OPEC and non-OPEC agreements to extend oil production cuts. Without additional an extension of oil production cuts -- or at least without a significant extension -- oil prices could come under some short-term pressure."
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