Oil traders cling to the hope that the OPEC deal with non-OPEC producers can bring strong results and will be extended. However, the supply glut still takes its toll on the market. Today, Brent crude is trading at $55.54 per barrel, retreating from its early high of $55.80. WTI crude edged down to $53.23 per barrel. The Baker Hughes North American rig count data will be issued later today. Investors expect increase in the US rig count. However, experts are still optimistic about the future and expect the OPEC deal to bring the market into balance. At the same time, they take into account the US intention to increase oil production.
This can stall the oil market and interfere with the OPEC plan to raise oil prices. Moreover, it also puts pressure on many commodity currencies. Today, the USD/CAD pair rose to 1.3081. Analysts say that now the US dollar is correcting against its major counterparts. By the end of the trading session, the pair may hit fresh highs towards 1.3090. Now the movement of the pair depends on the release of data on Canada’s foregin securities purchases However, currency strategists say that the Canadian dollar is unlikely to continue its upward trend.
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