Oil prices started to be highly volatile on Monday

Oil prices started to be highly volatile on Monday

By: James Ansher | Where To Trade | On:Monday, 28 November 2016
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   As investors started to rumble about the Saudi Arabia's cancellation of talks with producers that are not members of OPEC initially set for Monday, oil prices started to be highly volatile.

Saudi Arabia and non-OPEC producers had to discuss curbing production, to make things clear in front of the big oil cartel.   

Khaldi al-Falih, energy  minister of Saudi Arabia, declared that the oil markets will come back to their balance even if an output-limiting pact won't be signed.

This was interpreted by the markets as a suggestion that the deal might be unreachable at Wednesday's OPEC meeting. 

On Monday, OPEC's technical committee came together to discuss some of the final details of an accord for the official meeting on Wednesday.

After a lower trading on the Asian markets, the oil had a change in direction early in the  morning at negotiation in Europe. Supposedly, the oil minister in Algeria was on its way to Russia where he will try to recover a oil deal. 

U.S crude oil futures went down hill, at $ 46.04, by 0.04%. 
Brent oil, on the other hand, rose to $ 48.25, up by 0.02%.

 

James Ansher

James Ansher

When there is a will there is a trade

A successful Forex trader and expert advisor

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