Benchmark Brent futures prices may appear stable,but traders at a major industry oil conference in Singapore warn that this may notlast.Brent has mostly ranged between $72 per barrel to below $80/bbl this year and Vitol CEO Russell Hardy believed this was a signof the key benchmark’s relative stability despite the tightness of global crude stocks.The market views current price levels as within a”safe zone”and expects Brent to remain within this range next year,said Ben Luckock,Trafi gura’s oil trading co-head at the Appec conference in Singapore.These elevated levels are a sign of the success of the Opec-plus production cuts and additional voluntary cuts taken by Saudi Arabiaand Russia,both Hardy and Luckock noted.Saudi Arabia has stressed that they want market stability and it’s clear that they like elevated price levels,said Luckock,adding that”Ithink they’ve done an exceptional job”in achieving this.
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