WTI crude down slightly Friday
Oil has risen for six straight days and is in the midst of the best week in four months. The squeeze was partly precipitated by renewed talk of an OPEC production freeze.
WTI with the 200-dma and 55-dma
Even if crude can finish relatively flat on the day it will be a big win for crude bulls following six days of solid gains.
It's tough to believe that the market is truly worried about OPEC. Nigeria has been one of the most enthusiastic supporter of a freeze, yet Nigeria's oil minister didn't sound optimistic today.
"Are we cutting volumes? I don't see that happening," Emmanuel Ibe Kachikwu told reporters, but added that all options are on the table and other action could have an impact.
"Will that meeting help lift the price? Well yes if we succeed in having conversations with Russia, the USA and Mexico."
Russia is pumping near a record and said Monday that discussions with Saudi Arabia are ''developing in a tangible way'', however, Mexico has shown no interest in cooperation and US doesn't ever answer the phone when OPEC calls.
The OPEC informal meeting is scheduled for Sept 26-28 in Algeria.
