OPEC Hold Oil Production Quota

Brent crude held its gain after OPEC kept its production target unchanged and West Texas Intermediate was little changed in New York amid speculation that U.S. inventories dropped last week.

Futures rose 0.3 percent in London as OPEC ministers in Vienna left the group’s output ceiling unchanged at 30 million barrels a day. Crude stockpiles probably dropped by 2 million barrels last week to 387.5 million, a Bloomberg News survey shows before Energy Information Administration data today. In Iraq, a breakaway al-Qaeda group took control of the city of Mosul and there were conflicting reports about the situation in Baiji, home to the nation’s biggest refinery.

via Bloomberg

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza