Please attribute the following commentary to Jeffrey Halley, senior market analyst at OANDA.
Crude continued to trade sideways to slightly down on Friday as the market digested the implications of OPEC’s preliminary deal.
Sentiment has been slightly dented by a Reuters survey Friday, showing that despite agreeing to cut production OPEC pumped crude in record amounts through September.
Brent and WTI have been unable to threaten their respective key resistance levels at 50.00 and 48.50. After a 6% jump, last week longs may start to get itchy trigger fingers if neither makes substantive progress to the topside to start the week.
For direct comment, please contact:
Jeffrey Halley Business Development and Market Strategist, OANDA Asia Pacific
Representative No. HJD300377750