Comments made by Saudi Arabia’s Crown Prince Mohammed bin Salman (MBS), sent Brent crude to its highest in more than two years (highest since July 2015), above $60 a barrel, Reuters reports. West Texas Intermediate was more impervious to the comments, but it also gained a few cents, to the highest in six months.
‘The Saudis keep pressing for an extension of the output-cut deal through next year, so the market is feeding off that and we are seeing signs of tightening out there as a result of the program,’ John Kilduff, a partner at Again Capital, told Bloomberg. At the same time ‘the Iraq-Kurd situation is also getting the attention of the market. The volumes are down out of Ceyhan’
This post was published at Zero Hedge on Oct 27, 2017.
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