Oil: we await confirmation of an OPEC deal extension - ANZ

Analysts at ANZ noted that oil prices fell as investors continue to await confirmation of an OPEC deal extension. 

Key Quotes:

"With a steady stream of headlines confusing investors, prices drifted

lower. The reports do suggest that an extension is likely; however the devil’s in the detail, with Russia still not expressing publically that it is fully behind any deal. Russian Energy Minister, Alexander Novak, said that the Joint Ministerial

Monitoring committee had reached a consensus, yet “concrete parameters will only be announced tomorrow when everybody confirms”. Data took a back seat in investor minds’ although it was relatively positive. The weekly EIA report showed that US inventories fell further than expected, down 3.43 million barrels to 450 million barrels. However this was countered by an increase in gasoline and distillate inventories. Crude oil production also rose."