Oil prices are showing moderate gains
Oil prices are showing moderate gains, with the front-month future of the Brent benchmark showing a net 0.1% gain presently, at $52.49, though down from the intraday high at $52.87. Brent clocked a one-year high at ÃÂ‚£53.73 on Monday, since settling lower after the IEA expressed some doubt about how well Opec's production cut will be implemented. Brent is up by 1.3% over the last week, and by 11.5% over the last month. On the year-to-data, Brent is showing a 40.9% gain presently. The IEA said even if Opec fails to fully implement its production cut that it still expects the market to rebalance in the second half of 2017. Opec's next formal meeting is on Nov-30, when it will discuss details of the output cut agreement and how it will be slit among members. Non-Opec Russia has also indicated that it will participate. The scene looks to be set for $60-plus oil prices.