Please attribute the following commentary to Jeffrey Halley, senior market analyst at OANDA:
The same Minister did say there was a good chance of a deal being signed at the full OPEC meeting late November, which was completely ignored. Without Russia signing, be under no illusion that any sustained oil rally will be in jeopardy.
Brent has backed off its highs at 52.50 and WTI 50.50 to finish the week and into the Asia open. Expect both to remain under pressure in Asia today as a stronger USD keeps the heat on. A break of the New York lows may see some short term hot money look to lock in profits and run for the door marked "sell."
For direct comment, please contact Jeffrey Halley at: