Oil: All roads lead towards OPEC today – BBH

Today, the markets' are focussing on the oil as investors are finding it difficult to get a read on OPEC, suggests Research Team at BBH. 

Key Quotes

“Although a deal may be elusive, as Russia now says it won't attend the Wednesday meeting in Vienna, Iran and Saudi Arabia do not look that far apart.  The latest reports suggest Saudi's wanted it to freeze output at a little more than 3.7 mln barrels a day, and the Iranians wanted 3.975 mln.  A compromise has been suggested at 3.795 mln barrels.  Iran and Iraq are also disputing the methodology to determine how the cuts should be distributed.  The front-month Brent contract is off 1.5% near $47.50, while the front-month light sweet contract is off a little more at $46.25.”