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Adam Montana Weekly 2017 24 May


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Crude oil slips as OPEC takes "safe bet" nine-month extension

May 25, 2017 7:47 AM ET|By: Carl Surran, SA News Editor 

Crude oil prices fall as OPEC agrees to extend production cuts by nine months to March 2018, going for "the safe bet" rather than a six-month or 12-month extension.

U.S. crude -1.4% at $50.60; Brent -1.2% at $53.28/bbl.

"It would appear a nine-month extension with the potential for deeper cuts was almost fully priced in so when the statements were made, there was nowhere left for prices to go but lower,” said Craig Erlam, senior market analyst at Oanda.

Wood Mackenzie consultants say the nine-month deal leaves its 2017 price forecast of $55/bbl unchanged.

The members of the meeting are still expected to hold a joint press conference scheduled for 5:00 pm Vienna time today (11:00 am ET).

 

https://seekingalpha.com/news/3269821-crude-oil-slips-opec-takes-safe-bet-nine-month-extension

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Haven't responded much on much but thanks Adam,for who you truly are and how you've help me to be a humble investor in this journey!

Many, and Much Thanks again to you and your team for all you've done for us!

Blessing 

Knock26

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