OANDA - Oil futures commentary

News   •   Nov 24, 2016 00:00 +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.

OPEC chatter does is again as talk that a production deal is nearly there including Non-OPEC Russia saw crude jump over 4% in New York trading.

As the 30th November approaches, we can expect the headline/rumour based trading to continue as the street increasingly thinks OPEC can conjure black gold from a fools gold situation.

Brent traded to near $49.00 a barrel and will be eyeing $50.00 a barrel if the euphoria continues. WTI traded to near $48.00 a barrel and has resistance at $48.50 area.