Oil up by over 5.5% ahead of OPEC meeting

By all accounts, it appears to be a done deal - that's OPEC etending its oil production cut of 1.3 million barrels per day (bpd) in conjunction with 11 non-OPEC producers including Russia, who'll add around another 500,000 bpd, taking the headline cut nearer to 1.8 million bpd. 

The said cuts were set to expire in June, but could likely be extended to March 2018 if some soundbites coming out of OPEC are to be believed. The long bets are certainly rising, with both Brent and WTI futures ending last week up by over 5.5% on a week-over-week basis, comfortably above $50 per barrel level. 

The accompanying chart (see left, click to enlarge) tells its own story, ahead of OPEC's 172nd Ministers' Meeting in Vienna on 25 May which the Oilholic is heading to. That's all for the moment folks as another fascinating week awaits in Austria. Keep reading, keep it 'crude'!

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© Gaurav Sharma 2017. Graph: Oil benchmark Friday closing prices from Jan 6, 2017 till date © Gaurav Sharma May, 2017.