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Oil becomes cheaper again due to the upcoming meeting of OPEC+

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Oil becomes cheaper again due to the upcoming meeting of OPEC+
November 21
09:00 2018

Once again oil has shown a drop. Investors are waiting for the meeting of the OPEC+ members in Vienna, which is scheduled for early December.

The January contracts of Brent have slipped by 0.3% compared with the previous session – up to 66.5 US dollars. Futures of the WTI crude oil (with a deadline in January) also have rolled back. They have lost 0.16% and  are currently being traded at $ 57.1 per barrel.

Yesterday the market was upheld by the reports from Europe that the EU would support sanctions against two Iranian citizens suspected of attacking the Iranian opposition in Paris.

The market expects that the States and Europe will act more forcefully towards Iran, as a result of which the price will crawl upwards.

Perhaps OPEC+ will decide to cut production. It has already been noted that a surplus is being formed on the market. If it continues, it will be decided to reduce the production.

Alexander Novak, Minister of Energy of Russia, believes that manufacturers should look at the results of November in order to have an idea of what will happen in the winter period.

“OPEC+ wants to impose restrictions in order to spur prices, but Russia’s representatives do not like that decision. In this case, Saudi Arabia’s responsibility for coordinating the current situation increases,” – said Robbie Fraser, an analyst at Schneider Electric.

 

The material was prepared with the participation of Katya Gordon,
a leading analyst of the brokerage company CT Trade

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