OPEC+ keeps oil supply tight: The alliance of oil producers known as OPEC+ chose to maintain current output levels last week, a move that will likely further fuel a rally that has pushed prices towards USD 100 a barrel. In a statement following a ministerial meeting on Wednesday, OPEC said its members expressed support for Saudi Arabia and Russia’s voluntary supply curbs, which have removed a combined 1.3 mn barrels of oil a day from the global market until the end of the year. Tightening supply has sparked a rally that saw Brent rise almost 30% in Q3 to surpass USD 95.

This wasn’t the reaction they had in mind: Oil prices suffered their biggest single-day loss in over a year on Wednesday as concerns over falling demand outweighed the decision by OPEC+. The sell–off continued the sharp reversal in fortunes for the market since late September that has been Brent fall 11%.

Three-figure oil isn’t out of the question, according to one industry insider: Last week’s decision by OPEC+ could push prices to USD 100 a barrel, the chief economist of Norwegian oil and gas company Equinor said, according to Reuters.

EGX30

19,357

-2.6% (YTD: +32.6%)

USD (CBE)

Buy 30.83

Sell 30.96

USD at CIB

Buy 30.85

Sell 30.95

Interest rates CBE

19.25% deposit

20.25% lending

Tadawul

10,596

-1.6% (YTD: +1.1%)

ADX

9,756

-0.1% (YTD: -4.5%)

DFM

4,165

+0.5% (YTD: +24.8%)

S&P 5 0 0

4,309

+1.2% (YTD: +12.2%)

FTSE 100

7,495

+0.6% (YTD: +0.6%)

Euro Stoxx 50

4,144

+1.1% (YTD: +9.3%)

Brent crude

USD 84.58

+0.6%

Natural gas (Nymex)

USD 3.34

+5.4%

Gold

USD 1,845.20

+0.7%

BTC

USD 27,962

+0.1% (YTD: +68.8%)

THE CLOSING BELL-

The EGX30 fell 2.6% at yesterday’s close on turnover of EGP 2.05 bn (5.5% below the 90-day average). International investors were net sellers. The index is up 32.6% YTD.

In the green: Alexandria Containers and Cargo Handling (+2.7%), Abu Qir Fertilizers (+0.9%) and Ezz Steel (+0.8%).

In the red: Beltone Financial Holding (-5.8%), Qalaa Holding (-5.7%) and Juhayna (-5.7%).

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