The Brent oil price fell back to $45.78 last night as Syrian tensions eased and the US stock build continued. Also, OPEC is not sounding like it has any intention of cutting production, from Reuters:
OPEC is determined to keep pumping oil vigorously despite the resulting financial strain even on the policy’s chief architect, Saudi Arabia, alarming weaker members who fear prices may slump further towards $20.
Any policy U-turn would be possible only if large producers outside the exporters’ group, notably Russia, were to join coordinated output cuts. While Moscow may consult OPEC oil ministers before their six-monthly meeting next week, the chances of it helping to halt the price slide remain slim.
