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Oil climbs to September highs thanks to OPEC and commercial truce



The oil smiles again. Shale prices rise above $ 67 in the case of the Brent barrel to a maximum of three months ago. And they do so in the face of commercial optimism and the expectation that OPEC does not finally soften its productive cuts in the first half of 2020.

"Prices are being sustained at the moment", recognize Olivier Jakob, analyst of Petromatrix. "It is difficult to change the trend during the Christmas season," he adds.

The commercial truce also supports oil. China and the US should seal their phase one agreement in early January. In turn, Washington has delayed the publication of its crude oil inventories precisely because of the Christmas break. This means that black gold does not resent a greater oil production than those of Trump.

Russia once again intimidated this raw material a few days ago. The country's energy minister, Alexander Novak, he dropped that OPEC and its allies could soften the self-imposed productive cuts so far. The market now counts on this finally not happening.

If OPEC and its allies soften these productive cuts, the supply would be too high for current demand and, not marrying them, that excess oil stock would condemn it to red on the floor.



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