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Crude spikes $1.34 higher

Posted on: October 11, 2017

With the USD falling against majority G10 peers the price of WTI became more competitively priced and fueled the intraday gains coming from OPEC headlines. OPEC and Russia have been more adamant than ever on getting market participants to think long on oil past 2017 by attempting to get more oil producers involved in March 2018 extensions. Easier said than done. Saudi Arabia has, however , made the appearance they will cut export levels more dramatically but the reduced market share will likely be counteracted by Iran and Iraq's increase in shipments.

Due to holidays in the U.S. the API inventory data will be delayed and available tomorrow with the Bloomberg consensus forecast around 2.4 million barrel draw. WTI gained $1.34 to settle at $50.92.

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