The dollar regained some of the previously lost ground after the release of new data on inflation, which showed moderate growth. These data seem to be taken into account at the Fed’s decision on interest rates.
Since the end of September, when it was announced the preliminary agreement of OPEC, oil prices are in the range of 48-53 dollars per barrel.
“Prices are no longer rising,” – said John Saucer, vice president of Mobius Risk Group in Houston. “They quickly rebounded, and now they are consolidating”, – he added.
Meanwhile, investors are increasingly skeptical that OPEC will be able to agree on a reduction of total oil production by 1-2%. Especially it is not clear which countries will reduce the production.
The cost of the November futures for US light crude oil WTI (Light Sweet Crude Oil) fell to 49.76 dollars per barrel on the New York Mercantile Exchange.
November futures price for North Sea petroleum mix of mark Brent fell to 51.25 dollars a barrel on the London Stock Exchange ICE Futures Europe.
The post No major change for oil prices today appeared first on forex-analytics.press.