Skip to main content

Oil prices rise and fall as confusion over OPEC meeting reigns

Well, sometimes you just cannot write the script. Following the previous couple of updates, it now appears there is much disagreement over scheduled OPEC weekend meeting and whether or not it is to take place. I did warn about that in the previous update, as we know just how these players can act. This has seen Brent rebound further and then slide once more. I think it would be wise not to rule out further contradictory headlines on this, but in the absence of such, I will not comment any more on the oil markets today. The price action is surely going to remain extremely volatile and fluid from now on and subject to further contradictory and erroneous reports. Indeed we are seeing just that right now, as some newswires are insisting that the meeting has been cancelled, where others are saying the exact opposite. So, in the time it has taken me to write this, Brent has lifted to above $80.75, only to slide back to a new session low at $78.99. It is all over the place right now and currently trading at $79.30

Ready to Get Started?

Start here. Join 2.9M Libertex users around the world!