Commodity Update; Crude Oil – 24 November 2014
Brent crude bounces off $77 level, WTI also rises moderately
Crude oil benchmarks bounced off from multi year lows last week as better economic data from the US and a more hawkish FOMC drove a rally of risk assets. The move for both Brent and WTI came as investors and traders became cautious of seeming excessively bearish as the OPEC meeting on the 27th November draws closer.
While market expectations remain that the group will do little to support prices at the global level, both benchmarks appear reluctant to push lower at present.
Looking ahead the all important meeting is set to take place on Thursday while a flurry of US economic numbers, including second estimate GDP figures, are expected on during the interim. Given the significance of the meeting for supply & demand and the US releases from a growth perspective; we anticipate that the week will be a volatile one for oil prices.
BRENT/WTI // HOURLY INTERVALS
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