Just checking out the overnight news and moves for oil, and thought I'd do a bit of a recap etc.
FXL posted: OPEC compliance on quotas at 104% - report
- The 11 OPEC countries in the supply pact complied with 104% of curbs in March, according to the secondary sources data
Reuters have a bit more on this posted to the web if you want to check it out:
- OPEC states cut oil output in March by more than they pledged
- "OPEC's compliance has been more than anticipated," an OPEC delegate said. "For non-OPEC, it is satisfactory and getting better."
Also ... Oil jumps to session high on talk of OPEC quota extension
That's referencing a piece in the Wall Street Journal, probably the most significant point (but hardly surprising) is Saudi support is essential for renewal of agreement, though Iran and Russia are question marks
Journal piece is here, may be gated
And, just 45-odd minutes ago we got the private inventory data, OIL - Private inventory data shows larger than expected draw in inventory
