OANDA - Oil futures commentary

News   •   Nov 23, 2016 23:56 +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.

Its been a steady start this morning for West Texas Intermediate in particular, where it seems to be closing its long term discount to Brent Crude very quickly. No doubt driven by the Trumpflation energy independence premium.

As we enter the final lap of a tortuous OPEC process, with 30th November finally in sight, expect oil prices to be driven by whatever comments unofficial or official, are coming from them and Russia.

WTI has resistance at $46.50 a barrel this morning with support at $44.60 a barrel.