Oil prices edge higher ahead of OPEC meeting

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 30, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - Oil prices turned higher on Monday and recovered sharply from below $42.00 a barrel helped by speculation the Organization of the Petroleum Exporting Countries (OPEC) might cut production to lift prices when it meets on Friday.

    Crude oil rose 1.87% to $42.50 a barrel, having bounced from a low of $41.50 a barrel scored earlier on the day.

    OPEC will meet on Friday to review its production strategy. With oil prices falling to 5-year lows amid global supply glut concerns, a stronger USD on prospects of a Fed rate hike, some investors speculate the OPEC could opt to cut output to help lifting prices.
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