Loading…
US crude settled down 21 cents at $48.03 a barrel after reaching a three-week high earlier in the session. Traders worried that Iran and Iraq might not agree to an OPEC output freeze.
Analysts expected the market to stay sensitive to comments ahead of the formal OPEC meeting on Nov. 30.
Uncertainty over whether OPEC will cut output keeps crude prices volatile, which affects energy costs and biofuel-linked demand for feedstocks. Until a deal is formalised, the price impact on feed inputs remains unclear.
cnbc.comReutersNov 22, 2016After 187 past neutral policy events, Crude Oil (WTI) moved a median -0.1% over 5 sessions (49% higher; middle half -4.0% to +3.5%), and +0.1% over 20.
After 175 past neutral policy events, Crude Oil (Brent) moved a median -0.9% over 5 sessions (45% higher; middle half -3.6% to +3.0%), and +0.7% 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.
