All forecasts and opinions on 15 November 2019

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15.11.2019

The big oil tug-of-war: Crude prices pushed up ahead of Aramco’s IPO

WTI Crude futures prices ranged $56-58 ahead of the Saudi Arabian oil giant Aramco IPO, which starts on Sunday Nov, 17th. The WTI futures rose almost 10% from the beginning of 2019. The oil market has witnessed a lot of pressure from Saudi official for the last couple of months to push crude price up, including further production cuts by OPEC member states according to Wall Street Journal. Nigerian minister of state for petroleum resources Timipre Sylva speculated late October Saudi Arabia could apply further production cuts above agreed with OPEC+.

Lysakov Sergey

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