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Oil prices were little changed in volatile trading as traders weighed Russian comments about a possible meeting with Saudi Arabia. The comments revived hopes for a production freeze.
Prices followed a near 6% surge the previous day on OPEC efforts to limit output ahead of a Vienna meeting.
Ongoing uncertainty about an OPEC freeze keeps crude supported, which affects energy and transport costs for feed buyers. The lack of a clear direction suggests no decisive price change yet.
reuters.comScott DiSavinoNov 16, 2016After 60 past neutral geopolitics events, WTI moved a median -0.9% over 5 sessions (43% higher; middle half -4.7% to +2.3%), and -1.9% over 20.
After 63 past neutral geopolitics events, BRENT moved a median -0.5% over 5 sessions (44% higher; middle half -4.4% to +2.6%), and -2.7% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
Although dated a day after the move, the article describes the roughly 6% surge on 2016-11-15 as driven by hopes that OPEC would limit output (supply-side sentiment) ahead of the Vienna meeting, so it explains the move, though it is post-dated and not a same-day catalyst.
