Crude rises, though market faces long wait for next OPEC move

September 28, 2016

On Wednesday, crude futures inched up during early Asia trade, as market players shifted their focus to November,  the time when key crude producers could decide on a more definitive plan to drop output, which has suppressed prices for two years.

On the New York Mercantile Exchange, November delivery light, sweet crude futures traded at $44.75 per barrel, ascending $0.08 during the Globex electronic trading session. On London’s ICE Futures, November delivery Brent crude futures added $0.22, hitting $46.19 a barrel.

Crude prices headed south overnight after Saudi Arabia, the number one producer in the Organization of the Petroleum Exporting Countries and also the one with the largest spare capacity, told it sees no chance for the cartel to agree on an output cap at a gathering later on Wednesday in Algiers.

Additionally, the kingdom’s oil minister Khalid al-Falih stressed that the long-awaited Algiers] meeting won’t change the fundamental of the energy market, as it’s still oversupplied and what’s really changing is the attitude of the crude producers and that’s what the energy market cares about the most.

Publication source
FBS information  FBS reviews

December 6, 2016
What will happen with the euro after the ECB meeting
Morgan Stanley strategists believe that the ECB will keep rates on hold at this week’s meeting, but can expand its QE purchase program. But they consider different scenarios with various responses from the euro...
December 6, 2016
Euro shrugs off Italian referendum results rallying to a 2-week high
The single currency opened Monday on a bearish note but managed to pare losses as investors brushed aside the Italian referendum results. EURUSD closed at a 2-week high right near the resistance level of 1.0765 as noted in yesterday's commentary...
December 6, 2016
Financial markets gripped by Monday jitters
Risk aversion intensified during early trading on Monday following reports of Italian Prime Minister Matteo Renzi experiencing a crushing defeat in the referendum on constitutional reforms which sparked concerns of renewed political instability in Europe...

XTB Rating
Larson&Holz IT Ltd Rating
FOREX.com Rating
OANDA Rating
Grand Capital Rating
HotForex Rating

TropicalTrade Rating
OptionFair Rating
Porter Finance Rating
TopOption Rating
OptionRally Rating
365BinaryOption Rating