We're firmly in the "deal chatter zone" now
Based on the data today, there is a growing conviction that the deal may need to be extended for 6 months, although the length of extension is not firm yet
There's a growing consensus among OPEC and non-OPEC members on the need to continue rebalancing the market
Energy minister spoke to Russian counterpart yesterday to discuss status of the oil market
Both ministers to meet in Beijing within 10 days
Both ministers expressed their satisfaction with market fundamentals
Agreed on the need to continue working with others to help guide the oil market towards its rebalancing
So far, oil's having none of all this chatter, although it has staged a bounce from the earlier 46.61 lows to 48.24.
