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Home Markets Commodities

Crude oil prices up, OPEC+ push to extend output cut

Olumide Adesina by Olumide Adesina
November 3, 2020
in Commodities, Market Views
Oil price decline is driven by poor market

OPEC

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Crude oil prices rallied higher on Tuesday trading session in London. Oil traders are taking a broader risk-on sentiment in markets amid the weaker dollar prevailing, coupled with the bias that OPEC+ is likely to extend its oil production cut.

READ: Crypto experts reveal their favourite Cryptos 

What we know

The London-based oil contract, Brent crude price traded close to $40/barrel, as traders await the outcome of the U.S presidential election scheduled to hold today.

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Recently, Russia’s Energy Minister, Alexander Novak, had a meeting with major Russian oil producers on delaying oil production cuts by at least three months. OPEC+ had earlier hinted on its plan to add almost 2 million barrels a day of supply from early next year.

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What they are saying

Stephen Innes, Chief Global Market Strategist at Axi, in a note to Nairametrics spoke on the prevailing market conditions triggering crude oil prices north.

READ: Crude oil prices drop, COVID-19 cases hit 38 million

All positive for oil prices, although the reason these changes are being contemplated is that, demand is recovering more slowly than initially envisaged, coronavirus cases are spiking again, Libyan production is ramping up much quicker than expected, and in Russia’s self-serving case, to defend the Ruble in order to avoid an even worse economic collapse from COVID-19.

READ: OPEC launches Annual Statistical Bulletin (ASB)

Bottom-line

The real key to at least keep oil prices supported in the near term and pushing prices from the bottom of the barrel is having both Russia and Saudi Arabia singing from the same page in a sign of unified support to defend oil prices.


Follow us for Breaking News and Market Intelligence.
Tags: Brent CrudeChief Global Market StrategistCovid-19oil tradersRussiaStephen Innes
Olumide Adesina

Olumide Adesina

Olumide Adesina is a financial market writer, analyst and investment trader. Message Olumide on Twitter @Olumidecapital

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