Please attribute the following commentary to Jeffrey Halley, senior market analyst at OANDA. For direct comment, call Jeffrey at +65 9457 1849 or email email@example.comHope continues to meet reality in the crude market today, both WTI and Brent starting the day on a soft note. WTI attacking the $48.00 a barrel area and Brent solidly under the key $50.00 a barrel.
Unsurprisingly OPEC members were unable to thrash out a mutually agreeable production cut framework this weekend in Vienna. Iran and Iraq being the main holdouts. The Non-OPEC members joining the talks Saturday also gave no joy.
With "The Donald" making a late surge in the polls creating a generally risk off tone in the markets, combined with OPEC's inability to even agree what should be for lunch, we expect crude to remain under pressure during the start of the week.