Oil Flat after Monday’s Recovery Awaiting G20 and OPEC Meeting

Oil prices steadied on Tuesday, supported by expectations that crude exporters would agree to cut output at an OPEC meeting next week, but weighed down by signs of increased global production.


West Texas Intermediate graph

Traders also said any upside was being capped ahead of a meeting of leaders of the Group of 20 nations (G20), the world’s biggest economies, on Nov. 30 and Dec. 1, with the trade war between Washington and Beijing top of the agenda.

With the top three crude producers – Russia, the United States and Saudi Arabia – all present, oil policy is expected to be discussed.

Brent crude LCOc1 futures rose 21 cents to $60.69 a barrel by 11:21 a.m. EST (1621 GMT). U.S. West Texas Intermediate (WTI) crude CLc1 futures rose 10 cents to $51.73 a barrel.

via Reuters

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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