Oil is at its 3 months low

1

OPEC suffers from the uncertainty among its members, and it is pinning its product to the lowest prices in the last three months.

Oil is steady in it fall. OPEC hopes to finally reach an agreement with all its members and to cut the output on the official and equal level. Meanwhile, there is a new data about oversupply on the horizon.

Prices of the crude are getting weaker.

With the victory of Republican Party and Donald Trump in particular on the presidential elections dollar went up, and the stocks followed it. And still, these changes did not touch the oil situation.

The World is waiting on the decision of OPEC to make the output smaller in front of the oversupply.

Brent oil went down, and lost 2 cents, reaching the price of 44.73 dollars for one barrel. At the same time NYMEX oil futures lost 6 cents, and equal to 43.35 dollars per barrel.

According to the strategist Olivier Jakob, if there was a total agreement in OPEC, futures would have to climb up by more than 55 dollars for a barrel, and if they will never reach this compromise, oil will go down 40 dollars. And now the situation is very unclear, so we are somewhere in the middle, at 45 dollars, and unclear future.

He suggests afraid of the time when the agreement will be approved by everyone and the oil prices will be up.

The next meeting of OPEC will take place on November, 30.

Leave a Reply

Your email address will not be published. Required fields are marked *