Crude Inches Higher, OPEC Meets in a Week
Nov 24th, 2008 | By Doug Casey | Category: Financial NewsIn the energy market Friday, oil prices did turn north, but just barely, with crude for January delivery closing at $49.93/barrel, up 51 cents in its debut as front-month contract. Reformulated gasoline for January delivery rose 5 cents, to $1.09/gallon.
Traders await the results of OPEC’s emergency meeting on November 29 in Egypt and the regular meeting December 17 in Algeria.
“So far, it appears that the Saudis would prefer to wait until the December meeting before announcing cuts,” said Robert Johnston, an energy analyst at Eurasia Group. The Saudis, OPEC’s largest producer, have the most clout.
“However, a high level of compliance with the October cuts and the continued price collapse likely increases Saudi willingness to take on further cuts, whether in November or December,” Johnston added.
Analysts at Saxo Bank wrote that, from a technical standpoint, next week will be very important. “We will be watching $56 and more importantly $61 on the January WTI [West Texas Intermediate] crude contract as potential bullish indicators.”
Source: Crude Inches Higher, OPEC Meets in a Week
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