First sign of a crack in OPEC?
Saudis will supply more crude to at least three Asian buyers in November
Reuters reports that Saudi Arabia has agreed to increase supplies to three Asian buyers in November. It also cut prices in November in a sign it wants to be more competitive.
There's no indication that Saudi Arabia is pumping beyond its OPEC+ quota but by offering discounts and serving different buyers, it shows they're taking some aggressive steps. The report says an Indian buyer will take an additional 1 million barrels.
WTI is just below $81 after rising to a 7-year high of $82.18 four hours ago. There's plenty to like in the long-term crude chart at the moment but in the short term, the bulls will hope to hold $80.64.