Oil prices fell sharply on Opec silence and visible signs of a growing surplus. Opec ministers have stopped talking about cuts after seeing prices edge ever closer to the group’s unspoken $55 per barrel target with some commentators suggesting key producers are happy to see prices fall ahead of the Nov. 30 meeting in Vienna to make sure a deal to cut production gets approved. Front-month January Brent lost $4.12/bbl over the week to close at $46.35/bbl while in the US, December WTI shed $5.06/ bbl to settle at $44.66/bbl. Meanwhile, the growing crude surplus is visible in the fast-rising contango in the Brent and Nymex crude oil forward price structure, with spot oil available at rising discounts versus later supplies.
展开▼
