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Commodities Briefing - Categorized | Market Moves, Oil more

Opec says crude market well supplied

Posted on 11 September 2013

Opec, the oil producers’ cartel, has said the market is “well supplied”, in its first public pronouncement since oil prices surged at the end of August. Brent crude hit a six-month high two weeks ago as Libyan exports slowed to a trickle and western powers appeared ready to intervene in Syria.
That had prompted speculation the US might tap its strategic reserves of crude. But in its monthly report on the market, Vienna-based Opec said demand was likely to fall as refineries headed into the maintenance season. It highlighted substantial crude stocks in industrialised countries………………………………………..Full Article: Source


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