Oil price virtually unchanged last week
|The oil price was virtually unchanged last week, the inventory stats helped with another draw but the rig count numbers on Friday showed the 17th straight up week with oil units up 11 at 443. With only five weeks to go until the November Opec meeting all eyes are still on the talks and of the cuts, Russia and Opec are still apparently ‘committed’ to success and with production still high they will need to at least be seen to work. There appears to be little sign of money managers reducing their length which is always worrying but I wouldnt be surprised to see them taking some money off the table at some stage.
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