Oil prices head higher as production cut is still pending

Oil prices head higher as production cut is still pending

By: James Ansher | Where To Trade | On:Wednesday, November 23, 2016
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Traders continue to wonder if OPEC countries will be able to reach an agreement on a cap for oil output. 
The official OPEC meeting is scheduled for November 30.

The OPEC technical committee had a two-day meeting that was decisive for the production of crude oil. 

On the meeting that ended Tuesday, the members decided what next week`s gathering will debate. Most likely, problems like crude oil production cuts will be discussed.

The OPEC technical committee will debate  these crude oil production cuts for all its members except Nigeria and Libya. 

The only question is: Will Iran and Iraq be willing to participate in this reductions?

Meanwhile, data activity of USA`s oil drillers  increased  because of the Thanksgiving day. Brent oil gained 0.29% and U.S. crude oil futures rose by 0.27%.

 

James Ansher

James Ansher

When there is a will there is a trade

A successful Forex trader and expert advisor

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