Oil prices rose on Thursday as the OPEC-led output cut was uncertain during the U.S.`s Thanksgiving day

Oil prices rose on Thursday as the OPEC-led output cut was uncertain during the U.S.`s Thanksgiving day

By: Darryl Frankfort | Where To Trade | On:Thursday, 24 November 2016
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Oil prices edged higher on Thursday as uncertainty over a planned OPEC-led output cut and thin liquidity due to the U.S. Thanksgiving holiday weighed.

Oil prices rose on Thursday as the OPEC-led output cut was uncertain during the U.S.'s Thanksgiving day. 

Crude oil in USA was at $48.06/barrel, while Brent crude futures were at $49.05/barrel.

During the Thanksgiving day's holiday, trading columns were low.

When the Greenback is strong, fuel and oil become expensive for other currencies, because oil is traded in dollar.

This way, as U.S. dollar hit the highest record since 2003, the fuel prices peaked.

This happened also due to the fact that there are too many questions and an uncertainty on the OPEC's  oil production cut.

 

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