Oil Markets Hope For OPEC+ Cuts — Market Talk

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November 19, 2020
Wall Street Journal interview TSY
November 19, 2020

Oil Markets Hope For OPEC+ Cuts — Market Talk

WTI oil prices are likely to stay between $40-$45 for the time being, as markets juggle the risk of weakening demand and bullish hopes of lower production. “The market is anticipating that OPEC will take actions at the next meeting in December,” Spartan Capital’s Peter Cardillo tells WSJ, adding that anything short of deeper cuts would spook markets and send prices below that range. “There’s also the fact that a vaccine is coming to the market, but distribution is a problem and we’re seeing lockdowns…and that’s going to weaken the demand,” Cardillo says. WTI falls 0.2%, following three winning sessions.