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

November 27, 2018 Share Print 0

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.

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

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.

Bio
Twitter
Google+
Latest Posts

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.