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Crude gains a moderate $0.54

Posted on: October 28, 2016

The EIA came out with their Wednesday figures and reported a draw of 600,000 barrels in US crude. This optimistic draw is being met with contradictory feelings driven by the ups and downs of OPEC members seeking exemption, as well as resistance from Russia to negotiate a cut/freeze. According to Bloomberg, Saudi Arabia successfully raised $18 billion in the bond market and will be better prepared to withstand lower oil prices and lost revenues. Brazil will be joining the exporters meeting in Vienna, along with OPEC and other large non-OPEC members such as Russia, to discuss cutting production. There is a lot riding on this agreement in November, and Brazil’s recent involvement in the meeting is definitely a positive signal for change, but I recommend holding your breath because we are still in for a bumpy ride.

Prompt WTI futures gained $0.54 and closed at $49.72. Brent posted similar gains on prompt future of $0.49 on a $50.47 close.


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