Tuesday, 6 October 2015

Oil Prices Rally On Reported Russian Moves

Oil prices rallied today amid reports that key producer Russia was willing to discuss the global supply glut situation that has been weighing on the market, analysts said.
 US benchmark West Texas Intermediate for delivery in November won USD 1.11 to USD 46.65 a barrel compared with Friday's close. Brent North Sea crude for November delivery jumped USD 1.38 to stand at USD 49.51 a barrel in late London deals. 
Crude futures were "supported by a softer US dollar and talks that Russia is ready to meet OPEC and non-OPEC crude oil producers in order to discuss the market", said Myrto Sokou, senior analyst at Sucden Financial Research. 
"The news provided strong upside momentum in the oil market, as Russia has been thus far unwilling to cut oil production and cooperate with the OPEC members in order to support the current low crude oil prices," she said in a note to clients. Russia is among the world's top oil producers alongside OPEC kingpin Saudi Arabia and the United States.

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