OANDA - Oil futures commentary

News   •   Nov 09, 2016 22:18 +08

Please attribute the following commentary to Jeffrey Halley, senior market analyst at OANDA. For direct comment, call Jeffrey at +65 9457 1849 or email jhalley@oanda.com.

Overnight, the fall-out in the oil market continued, with Asia looking at a soft opening in crude.

A lack of OPEC news and yesterday's inventory numbers have been cited, but I suspect the main drivers are that risk is being taken off the table ahead of next weeks election and the continuance of long liquidation.

Brent is sitting just above support at $45.00 a barrel, with a daily close below, signalling that the worst is not over. WTI sits just above the $43.60 support.