Oil prices remain high on uncertainty over OPEC-led production cut

Oil prices edge up on Wednesday with traders uncertain over a planned OPEC-led oil production cut, and volumes low ahead of the U.S. Thanksgiving holiday on Thursday.

U.S. West Texas Intermediate crude oil futures were trading at 46.09 dollars, up six cents from their last settlement.

International Brent sweet crude oil futures were at 49.22 dollars a barrel, up 10 cents.

In the first oil trade , Brent crude was up 15 cents at 49.05 dollars a barrel, while U.S. crude added 2 cents to 48.05 dollars a barrel.

According to personal opinion, tonight’s (U.S.) EIA Crude Inventory numbers should provide a welcome, albeit temporary sideshow to the OPEC main event.

”Otherwise, we expect Asia to continue the sideways trading ranges,” it said.

NAN

Leave a Reply

Your email address will not be published. Required fields are marked *