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Oil rebound extends as Brent lifts further above $80 following OPEC reports

A little earlier this evening reports circulated around the financial markets from a leading news wire service; that apparently OPEC is considering further output cuts. Now I did warn about that prospect earlier this morning. However, I did not think it might be an OPEC wide decision, more one limited to just Saudi Arabia and Russia and of course nothing has been confirmed yet anyway. That has not stopped the rebound in oil prices from extending further after the European close. The price of Brent for January delivery is now lifting above $80.50, as the final NYMEX settlement of the week looms a little closer. According to the report from Reuters, citing OPEC sources, the matter is to be discussed at the next OPEC meeting on November 26. Brent crude for January settlement is just now trading at $80.64

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