Market Update: Oil & Gas - October 2015

Market Update: Oil & Gas - October 2015

Oil prices remained fixed around 50 US dollars (US$) per barrel (b) as the tug-of-war battle between OPEC and the US continued to take centre stage in the oil market. A drop in US production (120,000 b/d) triggered a rally in early October which saw ICE Brent trade comfortably above the US$50/b handle. However, bullish sentiment was soon tempered as OPEC production for September revealed an almost commensurate rise (109,000 b/d). At 31.57 mb/d, OPEC continues to pump well above its self-imposed quota of 30/mbpd.

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