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Oil market counting on extension to OPEC output cuts

After looking like they may have run out of steam in September, the rallies in coal and oil prices returned with a vengeance last month. Indeed, speculation about supply restrictions – by OPEC for the oil market and at Chinese mines for the coal market – and strong economic growth in most of the major regions helped to boost prices. However, supply is unlikely to fall by as much as many expect and prices may have got ahead of demand fundamentals.

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