Oil (current news)
Oil prices decline moderately at the beginning of the European session. Pressure on oil quotes is provided by the resumption of pumping of raw materials from Canada to the USA, that is why WTI oil is subject to a stronger decline. Also, some uncertainty is caused by the expectation of the OPEC summit on November 30 in Vienna, during which participants in the OPEC + pact may decide to extend the agreement until the end of 2018. Pressure on oil is also provided by an uncertain position in Russia, as previously head of the Ministry of Economy Maxim Oreshkin said that the slowdown in GDP growth in October is associated with a reduction in oil production within the OPEC + pact.
It is also worth noting that the expectation of an extension of the pact for a global reduction in oil production by OPEC and other countries outside the cartel has already significantly supported the market and it is possible to conclude that a positive decision to extend the pact is already embedded in the price of oil.
- At the moment, WTI oil is trading at $ 57.84, losing about -0.46% in price.
- Brent crude oil is trading at $ 63.35, losing about -0.05% in price.
Also, see Technical Analysis of Oil.
Alexander Sivtsov