It was turbulent week for crude with traders getting caught both in long and short positions. We saw whipsaws in prices as crude chased headlines this week of expectation of rollover of production cut by OPEC+ on schedule meeting on Sunday 26th Nov to postponement in the next OPEC+ meeting for four days to November 30 over oil output quotas.
Prices saw sharp correction after disagreement arise among OPEC members on production levels, African nations Angola, Nigeria and Congo reportedly seeking higher quotas than those agreed upon at the Cartel’s June meeting. There was also speculation, according to Bloomberg, that Angola could quit the cartel amid the dispute.
