NO. 22


OPEC's Vienna Agreement: So Far So Good

So far at least the market's response to OPEC's 16 February productioncutback agreement has been reasonably favorable with the price of Dated Brentrising around $1/B to reach just over $19/B towards the end of the past week,before falling back slightly on Friday. However, the market's current optimismwould seem to stem more from positive technicals and a suspension of judgmentover fundamentals, rather than any firm confidence...