As OPEC’s production-setting meeting looms, oil prices began this week with a modest rise, but there’s no guarantee that oil will be buoyed, just as there’s no way to predict whether the cartel will cut production or keep it at current levels.
On Monday, the price of benchmark Brent crude from the North Sea inched up by 1.54 percent to $45.56 per barrel for shipments loading in January. At the same time, West Texas Intermediate (WTI) crude was up 1.37 percent to $42.29 per barrel for deliveries in December.
On Tuesday, Brent futures rose to $45.03 per barrel by mid-morning GMT, and WTI had risen to $42.14 per barrel. This modest start for December contrasted with a loss of about 10 percent for both Brent and WTI in November.
One analyst says the prices for both are essentially flat as traders await the week’s news not only from OPEC, but also from the European Central Bank, which will announce whether it will further ease stimulate the economy in the euro zone, and the U.S. Labor Department’s monthly report on jobs, which could affect whether the Federal Reserve will raise interest rates in mid-December.Click right here to continue reading the article.
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