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In today's trading, oil prices fluctuated, while investors assessed the OPEC agreement, which can interrupt the period of low oil prices.
Purchases from traders and investment managers received support due to hopes for a coordinated reduction in OPEC output to 32.5 - 33 million barrels per day. Such agreements reached by representatives of the cartel within the framework of an informal meeting in Algeria. Meanwhile, a number of market participants expect that the transaction should not be considered until the OPEC concluded.
The risk of disappointment in the OPEC agreement is great, believe Morgan Stanley, and it is unclear whether the cartel agreements aimed only at maintaining the trust of investors for an additional couple of months. The bank says that OPEC to conduct negotiations with Russia and other major oil producers outside the cartel.
Many analysts and traders expect OPEC transaction results, while the market is back under the control of one-day technical traders, said the broker.
The cost of the November futures for US light crude oil WTI (Light Sweet Crude Oil) rose to 48.87 dollars per barrel on the New York Mercantile Exchange.
November futures price for North Sea petroleum mix of Brent crude rose to 50.90 dollars a barrel on the London Stock Exchange ICE Futures Europe.
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