Oil prices retreat on Russian concerns about balance
A downbeat sentiment from a Russian oil boss on the trajectory for crude oil prices sent key benchmarks diving into negative territory early Thursday.
Outside of the first week in October, crude oil prices have been holding steady in bullish territory for the better part of the third quarter. The rally is due in part to the effort by the Organization of Petroleum Exporting Countries to balance the market through coordinated production cuts, an effort that includes a handful of non-member producers like Russia.
The International Energy Agency said in its monthly market report for October that, for 2018, three out of the four quarters will show a market more or less in balance, assuming OPEC output stays the same and there are no major unforeseen disruptions…