Brent crude prices are down 0.8% presently
Brent crude prices are down 0.8% presently, at $52.74, retracing some of the 3%-plus gains of yesterday that left a one-year peak at $53.72. While Putin said yesterday that Russian was prepared to join the Opec cut, which boosted oil prices, the IEA's latest monthly report has today cast a bearish influence on crude markets. The reported noted that "it is difficult to assess how the Opec supply cut, if enforced, will affect market balances," noting "significant" rebounds in output from Iran, Libya and Nigeria." The IEA assumes that a long-awaited market rebalancing would come sooner than its expectation for this to happen during the first half of next year if Opec sticks to its new target.