Oil prices under pressure - BBH

Analysts at BBH note that oil is off for a third consecutive session and the main weight is coming from concerns that the higher prices may sap the willingness of some producers to extend cuts as long as some have anticipated.  

Key Quotes

“The price of Brent has doubled since early last year.  While Saudi Arabia supports a nine-month extension of the restraint agreement that expires at the end of Q1 18, others may seek a six-month extension.  Also, the industry estimate saw an increase in oil inventories in the US.  The government release will be watched today, as many expect a sharp drawdown of nearly 2.5 mln barrels. Inventories fell 1.85 mln barrels in the week ending November 17, and that followed a two-week increase (total of nearly 4.1 mln barrels).”