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Oil stabilizes in recent days – KBC

FXStreet (Barcelona) - The KBC Bank Research Team notes that Oil prices stabilized in recent days but the OPEC meet scheduled next week can be the event of the quarter for all markets.

Key Quotes

“The KBC Bank Research Team note that the oil price somehow stabilized in recent days and the front-month contract on Brent has been trading in a relatively narrow range between 77 and 80 USD/bbl in the past seven sessions. Yesterday, January contract on Brent settled at 79.30 USD/bbl, i.e. about 1.6% higher than on Wednesday.”

“Apart from comments of Venezuela’s Foreign Minister who said that the country would be willing to take part in cutting OPEC production if the cartel agreed to do so next Thursday, much better than expected US figures supported the oil price. Namely, the Philly Fed indicator went through the roof (20.7 to 40.8 vs. 18.5 expected) and pushed the oil price towards 80 USD/bbl level.”

“Still, comments of Venezuela’s Minister indicate that the upcoming OPEC meeting may easily become the event of this quarter, (not only) from the perspective of oil markets.”

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