Crude oil prices fall as OPEC deal-making falls short

Oil

  • Buz Investors Crude oil prices fall The commodity is trading at $48.56 per barrel at 09:40 GMT this morning, 0.21% lower from the New York close.
  • Crude oil witnessed a high of $48.74 per barrel and a low of $48.26 per barrel during the session. The commodity declined in the New York session on Friday, closing 1.32% lower at $48.66 per barrel, as investors got skeptical about OPEC’s ability to strike a proposed deal to curb output.
  • Separately, Baker Hughes disclosed that US oil rig count fell by 2 to 441 last week, declining for the first time since June 2016. Immediate downside, the first support level is seen at $47.97 per barrel, while on the upside, the first resistance level is at $49.44 per barrel.

Crude oil prices fall 

Crude oil prices fall

Crude oil prices fall Crude oil prices fell amid signs of deadlock at a technical OPEC meeting in Vienna as the cartel tries to work out an implementation framework for an output reduction dealagreed in September. A sit-down with non-OPEC producers including Brazil and Russia also appeared to end fruitlessly. Risk aversion triggered after the FBI said it is investigating new emails involving Hillary Clinton compounded selling pressure.

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Crude oil prices fall

 

Looking ahead, discord among OPEC member states may continue to weigh on oil prices as investors mark down the probability that a coherent supply management effort will practically materialize. Risk appetite looks to be on the mend as S&P 500futures trade firmly higher. The FBI email investigation fiasco remains apotential source of headline risk however. Another risk-off push may punish the WTI contract.

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Jadtecnic

Richard Dambrosi (JADTECNIC) Has Been Sharing FOREX INVESTORS ANALYSIS FORECAST since 2011. Editors and Founder of InvestorsBuz.com, has a passion for Forex Social Sharing analysis and Market Trends Such as Self Driving Cars, Electric Cars, Medical Marijuana, 3d printing and Cloud computing, Refers to Readers as BUZ INVESTORS.

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