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Oil is riding high but next week’s OPEC meeting is a big risk

November 25, 2020 by admin 0 Comments

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WTI crude up 0.56% today

WTI crude is up 23-cents to $45.15 today but the it’s come down from a high of $45.72 as the risk trade bleeds a bit lower here.

Some of the selling came after a Reuters report saying OPEC and Russia are “leaning” towards delaying the planned taper of cuts. They cite three sources.

The market would like to see a six month delay but that might be a tough sell:

Russia is likely to agree on a rollover of current output for the first quarter if needed, a source familiar with the issue said, and would prefer to decide later on extending for the second quarter.

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This article was originally published by Forexlive.com. Read the original article here.