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- Oil little changed in early trading
Oil little changed in early trading
This morning, the New York futures for Brent rose by 0.16% to $ 50.60 and crude oil futures for WTI decreased in price by 0.08% to $ 51.44 per barrel. Thus, the black gold is trading without significant changes, as traders watch how the strengthening of the dollar evaluate the likelihood that OPEC members and Russia will develop a final and workable plan to reduce production.
Today, the American Petroleum Institute will publish data on stocks of crude oil and petroleum products in the United States and on Wednesday, data from the US Department of Energy, which traders are waiting with great interest. Yesterday, Iraq has asked to be relieved of his participation in an agreement to freeze the volumes of production, which caused a decline in oil prices.
OPEC members will meet on November 30 to discuss the details of global production volume freezing. Iraq occupies the second place in the OPEC in terms of production after Saudi Arabia. Russia also said it would support the agreement and is currently working with OPEC on conditions of freezing.
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