Malcolm Graham-Wood
Independent Analyst
Oil prices ended the week and the month up, without blowing the doors off. WTI was up $1.99 on the week and $1.50 for the month, Brent slightly less well at $1.57 and $1.15 respectively. Markets appear slightly more risk-on without being over comfortable but equities are rarely good in October. On Friday the rig count showed another useful fall, down by 12 overall to 775 and by 16 in oil to 578 units which is still meaningful.
Less good stats have set the market back a bit this morning, the latest Chinese manufacturing sector PMI contracted for the third straight month and the non-manufacturing number was weaker than expected as well. Adding to the gloomy feel was the Russian data, October broke the post Soviet era production record for the fourth month this year at 10.776m b/d, exports were 5.42m b/d. Later in the week there is more data, Super Thursday in the UK and of course non-farm payrolls in the US on Friday.
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