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OIL

Price action has been choppy in Asia, with the latest swing seeing a bid in e-minis (which was tech driven, owing to increased perceptions of a Trump victory in the U.S. election, per betting market odds) ultimately providing some fresh support for crude, with WTI & Brent sitting ~$1.00 better off vs. settlement levels at typing.

  • Source reports continue to do the rounds re: the prospect of a lower for longer round of OPEC+ crude production, while the Algerian Energy Minister told Argus Media that the group could consider extending their current crude production cuts for six months when ministers next meet.
  • It is also worth highlighting a large, unexpected drawdown in headline crude inventories in the latest weekly API estimate (although Gulf of Mexico weather issues will be skewing matters there), while the product side of the release was a little more mixed.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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