Oil production cut not imminent – Danske

FXStreet (Barcelona) - The Danske Bank Team note that Oil prices dropped yesterday as comments from the major oil producer’s meeting suggested that a production cut is not imminent.

Key Quotes

“Oil prices dropped yesterday as comments from the major oil producers’ meeting in Vienna ahead of the OPEC meeting on Thursday suggest that a production cut is not imminent. Although a cut in the OPEC output target on Thursday will do a great deal to support oil prices, the most probable scenario is that OPEC keeps its target unchanged amid lack of consensus within the cartel and expectation of higher oil demand next year.”