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Oil Rise Continues on Hope of OPEC Deal

Oil prices rose on Tuesday to their highest this month as a growing consensus emerged in the market that OPEC would overcome internal disputes and scepticism to strike a deal that materially reduces crude output.

But some warned a failure by the Organization of the Petroleum Exporting Countries to reach agreement at a Nov. 30 meeting, or effectively implement it, would send prices crashing as a two-year glut of crude remained unabated.

Brent crude oil futures LCOc1 were up 85 cents a barrel at $49.75 by 1000 GMT, having earlier risen $1 in a push against the $50 mark for the first time since the end of October.

Reuters [1]

US Indices Target New Highs on Commodities Gains [2]

USD/CAD – Canadian Dollar Improves to 14-Day High, Retail Sales Next [3]

Crude Bulls Looking For $55 A Barrel [4]

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

Craig Erlam [8]

Senior Market Analyst, UK & EMEA at OANDA [9]
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
Craig Erlam
Craig Erlam

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