OANDA - Oil futures commentary

Please attribute the following commentary to Jeffrey Halley, senior market analyst at OANDA:

November 30th. Put that in your diaries. OPEC formally meets in Vienna on that date as the sideline meeting in Algiers collapses in disarray. Saudi Arabia and Iran, unsurprisingly, were unable to bridge their differences and the meeting has become a “consultation” to paraphrase the Saudi Oil Minister. One significant player who really needed oil higher, Venezuela, may now be edging much closer to default.

WTI and Brent both fell the mandatory 3% intraday that seems to be crude's lot at the moment, before finding support as the US API Crude Inventory figures showed yet another surprise drawdown. This morning WTI has important support at 43.70 and Brent at 45.60. All eyes now turn to the EIA Inventory numbers tonight as November the 30th seems a very long way away.

For direct comment, please contact:

Jeffrey Halley

OANDA Asia Pacific

Representative No. HJD300377750

e: jhalley@OANDA.com

t: +65 6579 8288 ext 212121