August 20, 2019
Brent crude briefly touched $49 a barrel
Such moves protect against any selloff should OPEC fail to reach agreement.Brent crude futures LCOc1 settled at $48. He added that funds were less enthused about holding positions ahead of the meeting.
New York: Oil prices surged 4 per cent to a three-week high on Monday, bolstered by growing conviction that major oil producing countries would agree next week to limit output. or 4.Iran wants exemptions to try to recapture market share lost under years of Western sanctions and has been reluctant to limit output."Our base case now is that an OPEC production cut will be announced and implemented," they wrote.80. The London benchmark has risen 11 per cent in a week since Saudi Arabia, de facto leader of the Organization of the Petroleum Exporting Countries, started a diplomatic charm offensive to persuade more reluctant members to join its proposed output plan.Goldman Sachs analysts said in a note that chances of an OPEC cut succeeding have increased, and they believe the global oil surplus will shift into a deficit by the middle of next year, which would support prices.
In recent days, several OPEC members including Iran, along with non-member Russia, have suggested they were leaning toward a deal to limit output.80, after climbing as high as $47. 15 cut their combined net long position in the three major Brent and WTI futures and options contracts by just 3 million barrels to 422 million barrels.90 a barrel, up $2.90 a barrel, up $2.4 per cent. US West Texas Intermediate (WTI) CLc1 gained 4 per cent to settle at $47.4 per cent.Libya and Nigeria, whose exports have been hampered by violence, have also asked to be left out of any deal. In recent days, several OPEC members including Iran, along with non-member Russia, have suggested they were leaning toward a deal to limit output.49 a barrel, up $1.
Brent crude briefly touched $49 a barrel..Brent crude futures LCOc1 settled at $48."You never know with OPEC - sometimes they go to the last minute, and there China conical twin screw barrels Suppliers are a lot of false starts," said Phil Flynn, senior market analyst at Price Futures Group in Chicago.OPEC members last week proposed a deal for Iran to cap, rather than cut, output.04, or 4.OPEC members are due to agree to a world oil freeze pact on November 30 at a meeting in Vienna, Austria.Russian President Vladimir Putin said he saw no obstacle to freezing oil output from its post-Soviet high of more than 11 million barrels per day.Hedge funds in the week ending Nov."As we get closer to the meeting the threat that they will achieve some agreement has triggered a lot of short covering," said Gene McGillian, manager of market research at Tradition Energy in Stamford, Connecticut
Posted by: barrelinjection at
03:00 AM
| No Comments
| Add Comment
Post contains 465 words, total size 3 kb.
11kb generated in CPU 0.0068, elapsed 0.0395 seconds.
33 queries taking 0.0346 seconds, 46 records returned.
Powered by Minx 1.1.6c-pink.
33 queries taking 0.0346 seconds, 46 records returned.
Powered by Minx 1.1.6c-pink.
