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30 Nov 2015
Oil turns positive, ignores strong USD
FXStreet (Mumbai) - Oil prices turned positive even though the USD stayed strong, although both Brent and WTI contracts are poised to suffer a monthly loss of at least 7%.
At the time of writing, Brent Jan futures were up 1% at USD 45.34/barrel. WTI futures were up 0.8% at USD 42.05/barrel. Both benchmarks were down earlier today.
The USD index, which was blamed for a fall in oil prices in Asia and early Europe, still remains upbeat despite which prices have managed to move into the positive territory. The uptick comes ahead of the OPEC meeting on Friday, where the group is likely to keep the output unchanged and continue its strategy of maintaining/gaining market share.
However, the traders are seen building long positions ahead of the OPEC meeting as Saudi is expected to hint at its readiness to cooperate with other OPEC members and non OPEC members to support prices if required in future.
At the time of writing, Brent Jan futures were up 1% at USD 45.34/barrel. WTI futures were up 0.8% at USD 42.05/barrel. Both benchmarks were down earlier today.
The USD index, which was blamed for a fall in oil prices in Asia and early Europe, still remains upbeat despite which prices have managed to move into the positive territory. The uptick comes ahead of the OPEC meeting on Friday, where the group is likely to keep the output unchanged and continue its strategy of maintaining/gaining market share.
However, the traders are seen building long positions ahead of the OPEC meeting as Saudi is expected to hint at its readiness to cooperate with other OPEC members and non OPEC members to support prices if required in future.