🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

Oil prices slip ahead of expected OPEC production cut

Published 12/05/2018, 04:42 PM
© Reuters.  Oil prices slip ahead of expected OPEC production cut
LCO
-
CL
-
SCO
-
UCO
-
DTO
-
SZOXF
-
BNO
-
OIL
-
DBO
-
USL
-
USO
-
DWT
-
UWT
-
OLO_old
-
WTID_old
-
WTIU_old
-
OILX
-
OILD_old
-
OILU_old
-
OIL_OLD
-
OILK
-
USOD
-
USOU
-
USAI
-
  • Crude oil prices settle slightly lower as the market awaited clarify on a potential but far-from-assured output cut agreement from major oil producers ahead of OPEC's meeting in Vienna this week; WTI -0.7% at $52.89/bbl, Brent -0.8% at $61.56/bbl.
  • Saudi Arabia’s oil minister had cast doubt yesterday on whether a deal would be reached, but OPEC's joint ministerial monitoring committee today recommended a six-month production cut of at least 1M bbl/day.
  • However, no agreement on firm volumes or individual quotas has been reached so far, and uncertainty remains over the baseline from which cuts would be made.
  • Pres. Trump weighed in again today, tweeting "Hopefully OPEC will be keeping oil flows as is, not restricted. The world does not want to see, or need, higher oil prices!"
  • "OPEC has a long history of playing a bit of smoke and mirrors in situations like this," says analyst Dominick Chirichella of Energy Management Institute, foreseeing a "significant cut" of 1M bbl/day or more.
  • ETFs: USO, OIL, UWT, UCO, DWT, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM, WTIU, OILK, OILX, WTID, USOI, USOU, USOD, OILD, OILU, USAI
  • Now read: What Is The Outlook For Oil?


Original article

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.