Thursday , 5 December 2024
Home Forex Oil can’t hold a bid ahead of Thursday’s OPEC+ decision
Forex

Oil can’t hold a bid ahead of Thursday’s OPEC+ decision

There have been multiple reports saying that the most likely OPEC+ result is an extension of production curbs through Q1, followed by the start of the planned return of barrels.

Normally, I would argue that’s priced in and tomorrow’s price action should be smooth if/when that’s announced. However, the oil market operates differently and there have been a multitude of ‘expected’ OPEC decisions where the oil price makes a big move anyway, usually to the downside.

With that in mind, crude is down $1.15 today after rising as much as 40-cents earlier in New York trade. And that comes despite a bullish weekly US inventory report.

This article was written by Adam Button at www.forexlive.com.

Leave a comment

Leave a Reply

Your email address will not be published.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

Related Articles

Trump Advisor: Trump wants to implement a Gaza cease-fire deal ASAP

A Trump advisor is on the wires saying:Trump wants to implement a...

BOJs Nakamura: Not confident about sustainability of wage growth

BOJs Nakamura is speaking and says: Personally not confident about sustainability of...

China stocks weaker at the open

The China stocks are opening weaker: China CSI 300 index expected up-and-down...

Technicals in the AUDUSD & NZDUSD are showing similar patterns. What does that look like?

The AUDUSD moved sharply yesterday on the back of weaker Australia GDP...