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Oil Markets Don’t Buy The OPEC Deal Just Yet

We begin with a look at the key figures in the energy market this week, with oil prices falling on Friday morning as a result of OPEC infighting and traders doubting OPEC's ability to cut output.

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Friday, October 28, 2016

Oil prices faltered in the second half of this week, on deteriorating expectations of an OPEC deal. Prices regained some ground on Thursday following EIA data showing a surprise drawdown in crude oil stocks after the market predicted an increase. Gasoline stocks also fell by more than expected. Adding a bit more buoyancy to the market were comments from OPEC officials suggesting that the cartel would be willing to cut production by 4 percent.

The markets initially took the announcement as positive news, but in what has become a familiar script from the oil cartel, the lack of details or hard...


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