Please attribute the following commentary to Jeffrey Halley, senior market analyst at OANDA:
OPEC kept the heat on oil prices overnight. The Algerian Energy Minister saying that OPEC could cut by more then the 0.5 mio per day initial agreement. More significantly representatives of both OPEC and Non-Opec producers will meet for a tete a tete on the sidelines of yet another energy conference next week.
Crude needed no more cues and duly rallied its usual one percent . Significantly WTI has broken the psychological $50 per barrel overnight whilst Brent eyes the $52.80 zone.
Although the main show of the day will be the US Non Farm Payrolls this evening, oil seems to be taking on a life of it own with OPEC managing the whole process far above my lowly expectation.
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