• The price of oil shoots higher on demand side bias.
  • G20 pans out bullish for global growth demand prospects for oil.
  • Iraq's oil minister suggests prices are on the low side and $70 plus is a good price.

Following the news that Russia has agreed with Saudi Arabia to extend the deal with OPEC on reducing oil output, as well as a trade war truce between China and the US and today's comments from Iraq's oil minister ahead of the OPEC meeting beginning Monday in Vienna, the price of a barrel of oil has shot higher up to the $60 handle.

Iraq's oil minister:

  • We have open mind on oil output deal extension.
  • Fully endorses extension to end of year, no objection to nine months
  • Any decision by OPEC, OPEC+ must be taken within premises of OPEC.
  • On deeper cuts, says it's too early to say.
  • Says oil prices are on the low side, $70 plus is a good price.