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As far as one of the world’s biggest commodities traders, Glencore’s chief Ivan Glasenberg, is concerned, the oil market will be at the mercy of "a cat and mouse game" between OPEC and its U.S. shale rivals in the coming year.
A 16 % price rally over the past week has delivered U.S. frackers a golden opportunity to hedge - or sell forward - their production for 2017 and beyond, to shore up their coffers against possible future price falls.
Prices for prompt Brent and WTI benchmark futures contracts have hit their highest in nearly a year and a half, but this rush by the shale industry to hedge has capped the rally in prices of oil for delivery further in the future.
This will probably mean no life-support for the higher-cost producers, at least as further-out prices remain below $60 per barrel, and OPEC knows this.
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