Despite volatility on the back of unrest in Persian Gulf and attacks on Saudi Arabian oil facilities, oil prices have remained relatively stable since June. Brent has generally remained within a band of $58 to $67 per barrel and WTI between $50 to $60 per barrel. Global market expectations of slowing economic growth and Saudi Arabia’s faster than supply agreement was extended in July and now ends in March 2020.
The Brent-WTI spread narrowed to less than $4 per barrel in August after US production and export growth from increased Permian pipeline capacity but has recently moved back out to over $5 per barrel.
expected production recovery have muted potential increases on further supply disruption. The OPEC+