Monthly Pricing - 01/11/2019

Brent Crude rose above $60/bbl after starting the month below $58/bbl, following talks of OPEC production cuts and the US rig count falling to a two-year low of 696.

GBP picked up during October, spiking to 1.30 vs USD after a revised Brexit deal was agreed and ending the month at 1.28 after a further extension was granted to 31st Jan.

Turkey launched an anti-Kurdish offensive in Northern Syria following the withdrawal of US troops, leading to a reluctant agreement between Kurdish leaders and Assad.

Price Drivers

Supply Saudi Arabia’s output set to surpass pre-attack levels. OPEC hint at further production cuts at next meeting.
Demand US stockpiles fell mid-month, breaking a six-week trend. OPEC has lowered its 2020 demand outlook by 60k bpd.
Geo-Political Iranian oil tanker hit by missiles off Saudi coast. ISIS leader Abu Bakr al-Baghdadi killed in US raid.