OPEC fuelling Oil Prices

OPEC is due to meet on November 30th 2016 so as to agree on limiting oil outputs. This decision has been long awaited as oversupply continues to put downward pressure on oil prices.

It has been close to 4 months since an outline of the deal was established but negotiations have proven difficult and continue to make this ‘output limit’ a distant reality.

The oil market is deep in speculation as oil prices soared across the board. Oil prices have edged higher this week as Brent futures this Tuesday saw prices hit $46.11 a barrel.

Current risks to the oil market with respect to OPEC continue to be rising US shale production thus traders are still bearish.