About the Oil Price Performance
1 Week Price Performance
An agreement signed on September 5th between Russia and Saudi Arabia on the sidelines of the G20 meeting held in Beijing, promises cooperation between the two countries in the future. Saudi authorities have announced that a fall in production was not on the agenda, but that it may be necessary in the future in cooperation with Russia and other OPEC countries. The organization meets for informal discussions late September in Algeria, and officially in Vienna in November.
This caused a rapid price increase followed by a collapse when it appeared that there would be no cuts immediately. The price then rose steadily to return to the level of 48 USD. Do not forget that the barrel rose from almost 28 to 48 USD on a year to date basis, as the production surplus in the market decreases.
YTD Price Performance