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Commodities Briefing - Categorized | Market Moves, Oil, Resources more

Highest Opec buffer since 2011 no brake on price rise

Posted on 22 February 2013

Opec’s biggest cushion of unused production capacity in two years is doing little to restrain prices, as threats to supplies from Algeria to Iran undermine the confidence that surplus crude usually creates. Brent futures have advanced even as idle reserves expand in the Organisation of Petroleum Exporting Countries, moving higher in tandem at the fastest rate since at least 2006, according to data compiled by the International Energy Agency and Bloomberg.
Oil is facing unprecedented political threats, Goldman Sachs Group said last month, three days before Algeria was struck by the bloodiest assault on its energy industry in five years…………………………………….Full Article: Source


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