The price of oil has seen tremendous swings as Russian and OPEC ministers support the possibilities of a deal while stockpiles continue to rise.
Editor’s Remarks: Everyday new conflicting numbers and reports are giving investors a headache. Yesterday, the EIA predicted that a rise to $60 per barrel could see significant amounts of shale oil companies returning as well as stockpiles rising. However, Russia and OPEC are still bullish about a possible deal being struck in November. The reality is that oil will continue to be frustrating for investors until OPEC’s meeting later this month and questions remain over whether Iran’s oil minister will attend or not.
What to watch: Brent Crude, WTI, IEA Reports, Baker Hughes Rig Count