OPEC Is Taking on the Fed and Goldman Is Buying Every Barrel

Goldman strategists say they recap developments that help propel oil sharply higher today. Reports suggest that OPEC is considering a production cut at its meeting on October 5th, potentially larger than merely 1 million barrels a day. An OPEC cut by reinforcing this level of backwardation would further increase the carry offered by a long past-and-front-month rolling position in Brent Futures.