Panmure’s Jamie Campbell’s comments on oil

Oil prices picked up sharply yesterday evening on renewed optimism around the global output freeze accord and an unexpected reduction in US crude inventories. The Freeze Accord, which has been in doubt following damning comments from the Saudi’s insisting Iranian participation, has renewed optimism following comments from the Kuwaiti OPEC governor Nawal al-Frezaia, that major producers have no option but to reach an agreement to cap production when they meet on April 17th and a freeze may set a price floor. He also mentioned that Iran will find it difficult to sells its crude into an oversupplied market.

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