Brent Breaks Out as Saudis Rebuke Trump

Oil prices broke out on Monday led by Brent crude oil which surged above $80 per barrel in a rebuke of Donald Trump’s request for an increase in overall production. Prices are poised to move even higher as the term-structure shows strong demand for prompt crude oil relative to deferred crude oil which is more than $4 per barrel lower.

OPEC and Russian Meeting Sets Prices up for a Spike

The JMCC meeting between…