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Brent crude extends gains to above $84 as preliminary OPEC agreement emerges
A whole batch of headlines have recently been released from a number of leading news agencies and they all concern an alleged tacit agreement by OPEC to reduce oil output by more than 1million BPD. According to the same reports, many OPEC members seem to agree that a larger cut than that is likely required. That is not confirmed yet, but as far as the oil markets are concerned they appear not to require such a conformation right now, because they have taken it as read. So, WTI and Brent have both lifted to fresh interim highs and in the case of Brent, that is above $84 per barrel. The price of Brent for February delivery has now risen to $84.55 a short while ago. It is currently trading close to that now, at $84.47
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