Do we really need more info?
Brent has stalled out ahead of the November highs as we wait for the final OPEC decision.
For me, I'm not quite sure what we're waiting for. The 500K bpd cut has already leaked. Yes, the distribution is important and I'm sure there will be some token gestures on compliance but where does that leave us?
Undoubtedly everyone is going to keep on producing at about the same level as currently. Perhaps a few members trim output but Saudi Arabia could add another 200k bpd above October levels and still be within-quota (assuming they're at 10.1 mbpd or higher in the new deal).
With all the good news already out there, I fear a sell-the-fact trade. Brent hasn't been able to break the November high and I just don't see anything tomorrow that's going to make it happen.
I don't see any kind of reason to jump into the trade but if we start to sell-off tomorrow, I like selling on a break of $62.75
