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Oil Slips Ahead of Producers Meeting

Oil traded near $49 a barrel before representatives of OPEC nations meet with their allies to discuss why some of them are falling behind in pledges to reduce production.

Futures fell 0.2 percent in New York after climbing 1.1 percent Friday. The two-day meeting in Abu Dhabi starting Monday and co-chaired by Kuwait and Russia will examine why some participants in the deal to collectively reduce global supply aren’t fully implementing their cuts. The number of U.S. drill rigs targeting crude fell by one last week, according to Baker Hughes Inc.

Oil in New York was unable to hold its first advance above $50 a barrel since May as signs of rising global supply eroded optimism that output curbs by the Organization of Petroleum Exporting Countries and its partners are rebalancing the market. Compliance to cuts fell to 86 percent in July, the lowest level since January, according to a Bloomberg survey.

Bloomberg [1]

Repatriation? [2]

July: Non-farm payroll (NFP) and CAD Employment Result [3]

[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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