Oil surge

  • A barrel of Brent crude traded at $80.93 on Monday, the highest level since November 2014, after OPEC and its partners signalled less urgency to boost output at a meeting in Algiers yesterday. 
  • The move comes despite a call from Trump to increase supply in order to cap rising oil prices. Major energy trading houses are predicting OPEC will continue to hold the upper hand with forecasts for $100 crude becoming more common.

Source: Bloomberg