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Reports and reality can be very different things- get set for more volatility in Brent

Following on from the previous update, noting unconfirmed reports of a tacit OPEC production cut, fresh news has emerged since then and it has pushed oil prices sharply lower again. I must stress again at this point, that nothing has yet been confirmed from OPEC or OPEC+. However the latest reports suggest that Saudi Arabia is prepared to extend its current 1 million BPD output cut, but only if other members join in with additional cuts. Apparently Saudi Arabia has also threatened to abandon their voluntary cut if others do not join in. That is the news that has sent oil prices tumbling back down again and seen the price of February Brent subsequently fall to $83, from an earlier high at $84.59. It is just now rebounding again, but please be wary of yet more price volatility to come, until the final outcome of this OPEC meeting is known. February Brent is currently trading at $83.45

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