The Organization of the Petroleum Exporting Countries said crude production fell by 151,000 barrels a day in October and raised its forecast for oil demand this year and in 2018. The cartel said output declined 0.46% to 32.59 million barrels a day from September to October. December crude is up 0.2%, to $56.81 a barrel on the New York Merc. Crude hit 28-month highs early last week, on expectations OPEC and other major producers will agree at the end of this month to extend an agreement on output curbs beyond its March end-date. Last week also saw political turmoil in Saudi Arabia and growing tensions between the kingdom and Iran.
The International Monetary Fund’s executive board called Mexico’s economy resilient "in the face of a complex external environment," on Monday, adding that its "flexible exchange rate is playing a key role in helping the economy adjust to external shocks." Mexico’s reduction of debt, shrinking deficit, and improving financial regulation were cited as among the factors that contributed to the IMF’s review. This year, the Mexican economy is expected to grow 2.1% driven mainly by private consumption, while 2018 growth is projected to slow slightly before picking up steam again. The Mexican peso spiked briefly against the dollar on the release of the report.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
