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Organization
of Petroleum Exporting Countries (OPEC) President, Qatar’s
Minister of Energy Mohammed bin Saleh al-Sada speaks with
Secretary General of OPEC Mohammed Sanusi Barkindo (R), during a
news conference after an informal meeting between members of the
organization in Algiers, Algeria September 28,
2016.
REUTERS/Ramzi
Boudina
(Reuters) – Oil prices edged higher on Wednesday but gains were
capped by investors’ doubts that oil cartel OPEC
would agree to a large enough production cut to significantly
reduce the global surplus when it meets next week.
A strong dollar, trading near the 13 1/2-year peak hit last week,
also weighed on prices amid thin trading ahead of the U.S.
Thanksgiving holiday on Thursday.
International Brent crude oil futures rose 11 cents to $49.23 a
barrel at 0940 GMT (4:40 a.m. ET) after climbing to $49.42 a
barrel earlier in Wednesday’s session on optimism
OPECwould agree to an output cut.
Reuters commodities analyst Wang Tao said that Brent could rise
to $49.85 per barrel, a level marked by several technical
resistance factors.
U.S. West Texas Intermediate (WTI) crude oil futures rose 12
cents to $48.15 a barrel after rising to $48.30 earlier on
Wednesday.
«Yesterday you saw the price action, it closed close to
unchanged. It’s uncertain whether OPECcan do a deal.
The market is divided in its opinion…that’s why the market is
not moving much,» Olivier Jakob of Petromatrix consultancy in
Switzerland said.
Many traders anticipate some agreement at OPEC but
fear the aim, proposed by Algeria, of cutting production by 4 to
4.5 percent, or over 1.2 million barrels per day according to
Reuters calculations, may not be reached.
The deal’s success hinges on an agreement from Iraq and Iran,
which may not give a full backing, three OPEC
sources said Tuesday. In September, OPEC agreed to
bring total output down to the level of 32.5-33.0 million barrels
a day.
Short-term though, analysts said that investors were currently
unwilling to push crude prices to $50 a barrel or higher.
Later on Wednesday, investors will eye U.S. government data on
crude and refined product stockpiles. <EIA/S>
U.S. crude inventories are expected to rise by 700,000 barrels,
according to the latest Reuters poll, while distillates will fall
and gasoline will rise.
(Additional reporting by Keith Wallis and Hennig Gloystein,
Editing by Christian Schmollinger and Elaine Hardcastle)
Read the original article on Reuters. Copyright 2016. Follow Reuters on Twitter.
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