Oil: Lifted by hopes of output agreement next month - BBH

Research Team at BBH, notes that ideas that OPEC and (some) non-OPEC countries can reach an output agreement next month lifted black gold, crude oil from around $40 a barrel at the beginning of the month to a little more than $49 a barrel recently, basis the October light sweet futures contract. 

Key Quotes

“News that Iran's minister will attend the meetings also helped capture the imaginations.   The first weekly loss in four weeks seemed to be a function of profit-taking, the build in US inventories, and the firmer greenback.  Initial support is seen by $46.40.  A break could $45.80 and, perhaps, even $44.50.  The proximate cap is seen near $48.25.”