Weekly Fundamentals – Hopes of Announcement of Output Cut Extension in November May Falter

Posted November 5th, 2017 by JeroldN35293294 and filed in General News

The strength on oil prices has shown no signs of abating but both crude oil benchmarks entering the fourth consecutive week of rally. At their highest levels in more than two years, the front-month WTI contract jumped +2.02% while the Brent contract soared +2.39% last week. Most of the gains were made on Friday as the US recorded the biggest decline in oil rigs since May 2016. However, the rally in oil prices is prone to increase US shale investments, resulting in the return of increases in rig count and oil output.

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Weekly Fundamentals – Hopes of Announcement of Output Cut Extension in November May Falter

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