Oil Price Back Where It Began After Week of Trump, OPEC Turmoil

Futures slipped 1 percent on Friday, bringing them roughly in line with their close on Nov. 4. The International Energy Agency, the Paris-based adviser to some of the world’s biggest economies, said it’s waiting to see whether President-elect Trump’s rhetoric hardens into action before revising its market forecasts. Prices may retreat amid “relentless global supply growth” unless the Organization of Petroleum Exporting Countries goes ahead with significant production cuts, the agency said.

“The oil market — as most other financial markets — appears to dismiss some of Trump’s threats to renegotiate the nuclear deal with Iran and make the U.S. independent from OPEC oil imports,” said Carsten Menke, head of commodities research at Julius Baer Group Ltd.

West Texas Intermediate for December delivery lost as much as 49 cents to $44.17 a barrel on the New York Mercantile Exchange and was at $44.38 as of 9:43 a.m. in London. The contract lost 61 cents to $44.66 on Thursday. Total volume traded was about 17 percent below the 100-day average. Prices are up 0.8 percent this week.

Brent for January settlement fell as much as 0.7 percent to $45.50 a barrel on the London-based ICE Futures Europe exchange. The contract fell 52 cents to $45.84 on Thursday. Prices are 0.3 percent higher this week. The global benchmark traded at a premium of 62 cents to January WTI.
more at:  http://www.bloomberg.com/news/articles/2016-11-10/oil-falls-as-pressure-builds-on-opec-to-act-amid-growth-forecast

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