Crude oil futures continued to fall Tuesday morning as TransCanada prepared to start its Keystone pipeline later today.
The pipeline, which leaked thousands of gallons into the American plains earlier this month, will open at reduced pressure.
With U.S. markets already oversupplied, oil prices have slipped in the last few days. WTI light sweet crude oil was down 42 cents at $57.69 a barrel today.
Traders await a crucial OPEC meeting on November 30. Russia is said to negotiating hard before committing to extending their suppply quota deal with the cartel.
Barclays analysts say they expect the deal will be extended, but at low levels that will disappoint traders.
U.S. Senate Committee on Banking, Housing, and Urban Affairs to hold full committee hearing on nomination of Federal Reserve Governor Jerome Powell to be Chairman of the Board of Governors of the Federal Reserve System in Washington at 10.00 am ET.
The material has been provided by InstaForex Company – www.instaforex.com
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