Oil prices are trading positively today. The commodity touched a 2-year high as investors became more confident that the OPEC+ agreement will be extended. Reportedly, the deal on output curbs has proved to be rather effective, so the problem of oversupply is likely to be solved in the nearest future. The OPEC meeting will be held in Vienna on November 30. Besides, oil prices gain ground on the back of the latest news from Saudi Arabia where the anti-corruption campaign has been conducted. The campaign, led by Crown Prince of Saudi Arabia, involved arrests of high ranking policymakers. These developments had an impact on investors who started to buy oil futures. The Brent Crude Benchmark broke the level of $62 per barrel. The Baker Hughes oil rig count became another bright spot for the oil market. Last week, the report showed that the number of active drilling facilities decreased to 729 units, indicating that the output growth in the United States slowed down. Meanwhile, the Light Sweet Crude Oil is trading near the level of $56 per barrel. Last week, it appreciated by 3.2%. Experts say that the investor sentiment may change after the report on Crude Oil inventories will be revealed. However, the main driver for oil prices growth is still expectations of the upcoming OPEC meeting that will be held at the end of this month.
\
© Prabhu for Forex Videos, 2017. |
Permalink |
No comment |
Add to
del.icio.us
Post tags: WTI Crudeo Oil
Feed enhanced by Better Feed from Ozh
Disclaimer: Please note all prices are for information only, they should not be relied upon for accuracy or trading. All prices quotes are based on CFD prices and are similar though not always identical to real exchange prices. STOCKTRKR or anybody connected with STOCKTRKR will not accept any liability for loss or damage arising from use of any information/commentary/charts or articles which is provided 'as is' for educational purposes only, nothing contained on this website should be considered as investment advice - please seek proper investment advice from registered financial broker or institution if you wish to trade on global markets and ensure you are familiar with the risks.
