Brent Crude up some 70 odd pips after the Nigerian oil minister hits the wires

  • The consensus is to extend OPEC production cuts but the issue is duration
  • Is willing to cap Nigerian output in the 1.8-1.9mbpd range
  • Will support an extension if the right terms are on the table

Tomorrow OPEC release their latest World Oil Outlook in Vienna, then we get the 173rd OPEC meeting at the end of Nov. Expect oil to remian bullish into that as headlines like this emerge.

Brent crude daily chart

Brent crude daily chart

Ryan Littlestone

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