Oil - Brent ~$64 is tempting short into OPEC meet next week

WTI at $58.4 - highest since mid-2015

Brent at $63.4 - highest in 2 weeks

Spreads at <$5 - tightest in nearly 3mths

Consensus expects output cut extension beyond March. And positioning is in agreement - with max longs according to CFTC data. Citi has warned (13 Nov-17) that if OPEC fails to extend output cuts, this would trigger massive unwinding of longs, collapse in prices.

Brent-WTI premium has fallen, suggesting positioning for long-OPEC deal has been exhausted: Brent (top) vs WTI (mid) and spreads (bottom)