Tortoise’s Rob Thummel in Bloomberg

Oil Falls as OPEC Delegates Not Pushing For Deeper Output Cuts

  • Coalition leaning toward pressing for better compliance
  • Trump, Xi meeting to sign deal could be delayed to December

Oil fell after a report that the biggest producers in OPEC+ aren’t pushing for deeper oil-supply cuts when the group meets next month.

Futures in New York dipped as much as 1.8% Wednesday. Prices dropped further after Reuters reported that a meeting between Chinese President Xi Jinping and U.S. President Donald Trump could be delayed until December.

The narrative around the OPEC cuts is changing, said Rob Thummel, managing director and portfolio manager at Tortoise, a Kansas firm that oversees more than $21 billion in assets. “If that’s the case, along with the higher than expected build in oil, oil prices should continue to fall for the day.”

Read more here: https://www.bloomberg.com/news/articles/2019-11-05/oil-holds-near-highest-since-september-on-trade-pact-optimism

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