Oil prices went on their highest peak since October this Tuesday

Oil prices went on their highest peak since October this Tuesday

By: Oliver Miller | Where To Trade | On:Tuesday, November 22, 2016
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As the market priced in a future output cut by OPEC, the analysts warned markets that a disagreement will lead to a supply abundance in the first months of 2017.

The International Brent crude oil futures headed higher on Tuesday with $49.63 per barrel, the highest price since October.

After 31 October, the International Brent crude oil dropped back to $49.22/barrel, or 0.65%.

The U.S. West Texas Intermediate futures went up 0.73% at $48.59 per barrel.

OPEC (Organization of the Petroleum Exporting Countries) will try to make its 14 member states and Russia (which is a non-OPEC producer) to agree on a conducted production cut to buttress the market by bringing the production and consumtion in line.

When talking about the optimism about the OPEC agreement, ANZ bank declared on Tuesday that "oil prices should continue to edge higher", while RBC Capital Markets added that OPEC is very aware of the risks of non-reaching a deal : "Another fall in oil prices could plunge the Kingdom further into the red".

Goldman Sachs declared that, if OPEC and Russia fail to agree on a cutback, it expects an oil supply surplus at almost 0.7mil barrels/day for the firsts month of 2017.

 

Oliver Miller

Oliver Miller

"Patience is the key for success"

Oliver Miller is one of the best financial analyst with 18 years of online trading experience

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