Just the whiff of an OPEC meeting has driven oil prices higher, squeezed shorts in the futures market — and made further inaction by the cartel more likely.
But that hasn’t stopped market chatter that the Organization of Petroleum Exporting Countries could revisit the idea of a production freeze when it meets informally on the sidelines of an energy conference in Algeria late next month.
Oil’s recent dip back into the $30s per barrel may be enough to get some OPEC members to curb their bickering and consider joint action — if crude plummets again. But for now, analysts see the cartel just talking, with the more needy members pushing for relief through a freeze or other deal.
USD/CAD Canadian Dollar Slightly Higher Ahead of US Oil Inventories
Brent Crude – Has the Correction Run its Course?
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.
Craig Erlam
Latest posts by Craig Erlam (see all)
- UK election special (video) - 12/12/2019
- Business Breakfast with OANDA on Jazz FM - 12/12/2019
- Europe open – Trade, Fed, UK election, gold, oil - 12/11/2019