Oil: Prices rebound even as the prospect for a supply cut deal still appear tenuous - BNZ

Kymberly Martin, Senior Market Strategist at BNZ, explains that the global oil price managed a bit of a rebound (WTI +3%) overnight even as the prospects for a supply cut deal still appear tenuous ahead of Wednesday’s OPEC meeting, but have been helped by comments from Iraq’s oil minister.

Key Quotes

“He was quoted overnight as saying he was “optimistic” a deal will be reached at OPEC’s summit. The rebound in the oil price has no doubt supported the performance of the ‘oil-linked’ CAD overnight. The CAD has rebounded 0.8% against the USD since the start of the week. The USD/CAD now trade at 1.3400.”