it is creating the risk of a slide in prices. 22.5%.up by just over nowef gamal el-din joins us fromal form. event find this commodity is a red carpet? what is the vibe there? strategicspite the location, the saudi minister with the past us energy minister from the united arab emirates. earlier, they said there were no differences within opec. they have been pushing for an extension. the variable that remains unanswered is how long the extension will be. the markets appeared to be positioning for a nine-month extension. there is ahs says lot of aggressive positioning around that scenario. given how good the overall , youmstances has been could see a a lot of uncertainty creep up and play to the downside of oil prices. manus: thank you very much. you have got a busy week coming up ahead. derek halpenny is the european head of global markets research at mufg and he is still with us. it is all baking the cake. goldman sachs has an almost passive understanding of the market. and that it looks like opec will agree. they say it is too soon to talk about the duration of the cuts. how do you

nowef gamal el-din joins us to put it all in perspective. talk us through is going on in the commodities market this morning. yousef: we are seeing a lot of these commodities drop, you look at what's happening with rubber, zinc, iron ore, steel rebar, copper, the list goes on and on. it is a broad-based selloff and thethe most part, it's off back of concerns that china will focus on the quality of domestic extension rather than quantity of that growth. quoting from a note, china trimming all the capacity upstream, higher value export oriented indexes are running hot. given europe's growth it should pick up u.s. strength, and demand for raw materials will be robust. the argument being this could be an excuse for some profit to lock in some of those gains but a lot of commodities had a tremendous rally over the last two or three months. this could be some of the traders taking a breather. iea: i wonder about the report, demand will be weaker than expected. let's drill down into the oil market. what is behind these moves? it's fascinating, the