Oil rises ahead of producers meeting

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 16, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    Oil prices at both the sides of the Atlantic advanced to more than one-week high on speculation the meeting between major oil producers today could end with a production cut/freeze decision.

    At the time of writing, WTI oil futures were up 4.8% at USD 30.85/barrel. Across the pond, Brent futures were up 4.6% at USD 34.90/barrel.

    Top oil officials from Saudi Arabia, Russia and several key OPEC members will meet today. The markets are reacting positively on hopes that the major producers could reach some sort of agreement regarding production cut/freeze.

    However, traders/analysts remain cautious on whether the meeting will result in an agreement. Even if an agreement is reached, it is unlikely that Iran would accept it.
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