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Strategies & Market Trends : Dino's Bar & Grill
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To: Goose94 who wrote (37385)11/24/2017 2:45:40 PM
From: Goose94Read Replies (1) of 203330
 
Crude Oil: rose sharply in early trading on Friday on renewed optimism around an OPEC cut, which came a few days after news that the Keystone pipeline would remain mostly offline for a few weeks. Also, the EIA data from mid-week showed an unexpected inventory decline. Taken together, the news meant that oil bulls were on the march at the close of the week.

No surprise here, but Reuters reports that top OPEC officials are pushing for an extension through the end of 2018 ahead of the upcoming meeting on November 30. “The Saudis are lobbying to have a decision in November for nine months,” a senior oil industry source told Reuters. Russia remains the wildcard, as Moscow indicated in recent weeks that it had reservations about an extension. However, by early Friday, there were reports that Russia was getting close to coming on board. Bloomberg reported that Russia and OPEC agreed to a framework that included an extension through the end of 2018, although crucial details remained unanswered. One idea includes linking the amount of production cuts to the overall supply/demand balance in the market. Another idea would be to make explicit the fact that the deal could be renegotiated early next year in case market conditions change. OPEC officially meets on November 30 in Vienna, where they hope to announce the finalization of some agreement.

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