OANDA - Oil futures commentary

News   •   Nov 24, 2016 00:02 +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.

A lot of noise but in ended a sideways day for oil as it traded tick for tick with various OPEC comments overnight. When the dust settled, both Brent and WTI were broadly unchanged.

The market seems unwilling to push oil towards $50.00 a barrel ahead of the Thanksgiving holiday tomorrow. Their reticence is understandable given that longs put on above that level have not ended well in recent times.

Tonights' EIA Crude Inventory numbers should provide a welcome, albeit temporary sideshow to the OPEC main event. Otherwise, we expect Asia to continue the sideways trading ranges with price action dictated by traders' news feeds.