Please attribute this commentary to Jeff Halley, senior market analyst at OANDA:
It was Russia to the rescue last night, as Vladimir Putin said Russia was ready to join with OPEC in creating a deal to curb production and pump up prices. At the same Energy Congress in Istanbul, the ever outspoken Algerian Energy Minister called on other non-OPEC producers to join them.
In holiday thinned trading in North America, both Brent and WTI jumped some 3% scattering oil bears in their wake. WTI in particular has held on to all those gains and this morning will be eyeing the 51.50 level and then the 53.50 area. Brent clambered above 53.00 and traders will now look to the 55.00 level for next resistance.
Contact Jeff for further comment: