Oil Price - Jan 28

[dan_s]

Oil prices spiked 6% to approach the $36-level in North America trade on Thursday, after comments made by Russia’s energy minister fueled speculation of possible joint action with OPEC producers to cut output and alleviate a global supply glut. Russia’s energy minister Alexander Novak said Saudi Arabia proposed to cut oil production by each country by up to 5%.

This may not hold up, but it sent the shorts running for cover.

[setliff]

dan, why would brent start getting a rather hefty premium over wti? It happened yesterday and today.

[dan_s]

I have no idea. Day to day moves in oil sometimes make no sense at all.