OANDA - Oil Futures Commentary

News   •   Nov 30, 2016 01:20 +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 was the commodity that the market forgot overnight. The USD steamroller passed crude by as currency markets were heavily sold against the greenback. The EIA Crude Inventory Number had little to no effect with both WTI and Brent broadly unchanged from the previous day.

Clearly the Thanksgiving Holiday today has thinned traders interest, but given the general USD rally overnight, it is clear that the OPEC result next Wednesday is the only game in town for energy traders.

Expect more sideways trading in Asia today.