Oil awaits OPEC deal

28 November, 2016

The oil price came under heavy selling pressure on Friday as doubts linger about a potential production freeze from OPOEC when they meet on November 30th. History shows that the Oil cartel has a history of failed deals and the market is also skeptical this time around.  ‘’Complying to agreed production limits has historical been a major challenge for OPEC and the market is likely, once the initial rally has run its course, to adopt a wait-and-see approach while we wait for signs that the agreed cuts are being implemented ’’ says Ole Hansen, head of commodity strategy at Saxo Bank.

If a deal is brokered, analysts are concerned that oil could shoot higher which would bring other players into the market that were waiting for higher prices and therefore create an oversupply again according to the International energy agency
"If oil prices rise above $60 a barrel we will see significant production coming," IEA Executive Director Fatih Birol said in an interview this month.

There is also a huge risk that if a deal isn’t reached to cut production the oil price will plummet by up to $10 and remain subdued for some time.


Source link  
Gold may rally towards years end

After a horror 6 months the gold price has found much needed support over the last 4 weeks and is now sitting above the $1,200 mark and depending...

New tariffs lift US dollar

As widely expected, US President Donald Trump has slapped another $200 billion worth of tariffs on Chinese goods which has caused a lift in the US dollar today against the major...

Will the US dollar jump on Thursday?

The US China trade war has now come to the top of the headlines again with US President Donald Trump keen to go ahead with an extra $200 billion...


Big Money is avoiding the pound

Just when we thought that a deal between the European Union and Great Britain was in the making and thus avoiding a hard Brexit, another spanner...

Pound gains on Brexit negotiations

The British pound has surged back through the $1.30 mark after progress made today on Brexit negotiations raised speculation that a deal...

IEA report siks oil

The oil price had a rough time last week, hitting its lowest level since join after a report by the energy watchdog showed rising inventories which raises concerns over global growth...


Gold in the hands of the US dollar

The last 2 months has been extremely painful for those who invested in gold with the precious metal plummeting more than $100 and at the time...

Is Yen finished as a safe haven currency?

Along with the Swiss Franc, the Japanese Yen has historically been the other currency that the market has deemed a safe haven in times of financial instability...

Trump may drive down the oil price

The oil price has risen around 13 percent over the last 10 days which has pushed up gasoline prices in the US to uncomfortable levels and with elections...


In the past 24 hours Bitcoin has lost -0.43% and reached $6403.71219571. Open your trading account with the best cryptocurrency brokers on special terms today.

In the past 7 days the EUR/USD pair has lost -0.0963% and is now at $1.1682. Start trading and making money on Forex today.

In the past 7 days Ethereum has gained 0.86% and is now at $209.678143742. Have the most popular cryptocurrencies compared online 24/7.


Top Brokers offering Daily Forex Market Reviews


Forex Currencies Forecasts


Top 10 Forex Brokers 2018

# Broker Review
1easyMarketseasyMarkets90%
2FXTMFXTM88%
3HYCMHYCM87%
4Alfa-ForexAlfa-Forex86%
5FxProFxPro85%
6FIBO GroupFIBO Group84%
7OctaFXOctaFX83%
8HotForexHotForex82%
9FXCMFXCM79%
10AvaTradeAvaTrade77%
  


Share: