Market Overview

Brent Set To Post First Weekly Gain In More Than A Month

Brent Set To Post First Weekly Gain In More Than A Month

Brent crude oil looked set to post its first weekly gain in more than a month after reports that Saudi Arabian output was depressed boosted prices.

However, the commodity was under some pressure and traded at $86.33 when Ebola fears resurfaced in the U.S. after another health care worker tested positive. 

Doctor Craig Spencer was diagnosed with Ebola on Thursday after working with infected patients in West Africa through the Doctors Without Borders organization.

Spencer’s diagnosis reignited worries about the spread of the disease, especially as Spencer was living in heavily populated New York City. Though the 33-year-old doctor had been bowling, on the subway and in a taxi, health officials say the risk of spread was minimal as he was not showing any symptoms until Thursday morning when he was taken from his home into quarantine. 

Meanwhile, investors have been keeping a close eye on OPEC members ahead of the group’s November 27 meeting and looking for any clues about whether or not they will cut down on supply in order to raise prices.

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For the moment, the cartel looks unlikely to cut back as several members have expressed their desire to regain market share by accepting the current price levels for an extended period.

Brent saw a boost after Reuters reported that OPEC member Saudi Arabia’s crude output fell significantly from August to September.

The nation supplied only 9.36 million barrels per day to the market in September, 328,000 barrels per day less than it contributed in August. The news helped counterbalance worries about a growing supply glut and buoyed Brent prices.

Posted-In: Craig Spencer OPECNews Commodities Forex Global Pre-Market Outlook Markets Best of Benzinga


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