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GILT SUMMARY

Gilts Hit Turbulence On BoE Announcement

OIL
OIL: WTI & Brent trade around $0.40 lower than their respective settlement
levels at writing. This comes after the benchmarks settled little changed on
Thursday. Focus remains on next week's OPEC+ meeting, although the ongoing G20
summit provides the final hurdle ahead of the gathering of the oil producing
nations.
- Thursday saw Russia suggest that it believes that there will be a
"consolidated decision" next week, while Qatar backed an extension of the
current pact. Thursday also saw the Iraqi oil minister reveal that there has
been some discussion re: deeper output cuts, although he did note that the group
is focusing on a rollover of the current terms.
- Also worth highlighting that the Canadian province of Alberta marginally eased
its crude output curbs on Thursday.
- Elsewhere, reports have suggested that Norwegian labour unions and oil rig
owners have agreed a wage deal, averting a potential strike.
- The latest Baker Hughes rig count data hits late Friday.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com