Oil closed on lows Friday, with both Brent and WTI down some 2.5%. OPEC themselves were to blame, announcing record oil production of 33.64 million barrels per day (bid) in October. Simple maths tells me OPEC now have to cut 1.14 million bpd now just to meet their agreed early target of 32.50 million.
Sadly no one in OPEC themselves seems to be listening. Iran announced two new fields starting yesterday and adding another 250,000 bpd to the global mix.
WTI futures gapped lower this morning in Asia, as the market ponders the contradiction of higher OPEC production whilst simultaneously trying to agree a deal to cut it by November 30th. Brent has support at $43.50 a barrel with WTI at $42.80 a barrel.