The outlook for Crude in the coming month is increasingly bullish, but faced resistance shortly after noon on reports that Iran and Iraq are facing difficulties in reaching production agreements. Previously Brent Crude had come within 4 cents of $50.00 – the highest it has been this month. A decision was expected to be reached soon after statements by a Nigerian delegation to today’s technical meeting, but it has been announced that the decision will be deferred to the next formal meeting on November 30.
If successful, a new OPEC production deal would drive prices higher than they have been since the suspension of production cuts, but many sources remain skeptical that any meaningful results will come from the next meeting.
A release from the American Petroleum Institute is also expected at 4:30 pm EST today with crude oil inventories expected to have gained 700,000 barrels last week.