OANDA - Oil futures commentary

News   •   Nov 23, 2016 23:53 +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.

Oil traded in a sideways range overnight, as stronger US Dollar optimism from Saudi’s Energy Minister over a production cut agreement took hold. With the USD reigning supreme, Asia trading of crude should have a slightly heavy tone today as traders lighten up positioning into the weekend.

Brent is trading each side of its 200 day moving average (DMA) this morning at $45.60 a barrel. WTI appears hemmed in between it's 100 and 200 DMA's at $45.70 and $43.65 respectively.