September 29, 2022 10:35 GMT
Crude continues to rally on the potential for production cuts from OPEC+.
- The group will discuss a potential cut to output at their meeting on Oct 5 according to Bloomberg. After the previous meeting Saudi Arabia said the group would remain pre-emptive and proactive in stabilising the oil market. At the time of the last meeting, when the group cut production for October by 100kbpd, Brent was trading just over 95$/bbl.
- The Dec22-Dec23 time spread is up to the highest since Sep 5.
- Brent NOV 22 up 0.2% at 89.5$/bbl
- WTI NOV 22 up 0.2% at 82.29$/bbl
- WTI-Brent unchanged at -7.18$/bbl
- Brent NOV 22-DEC 22 down -0.01$/bbl at 1.26$/bbl
- Brent DEC 22-JAN 23 up 0.08$/bbl at 1.85$/bbl
- Brent DEC 22-DEC 23 up 0.36$/bbl at 11.1$/bbl