The Brent oil price continued its march north Friday night to $54.43. Henry hub fell back:
The FT’s Nick Butler has the OPEC take that I agree with:
The agreement to cut production from January by 1.2m barrels a day raised prices on the world market by almost 10 per cent. The net result was a global price for Brent crude, the international benchmark, of $52 a barrel — up a few dollars from the previous day but still down almost 50 per cent from two years ago.
