Oil up on Saudi vow for stable prices; glut, firm dollar weigh
Source: Reuters
Crude oil futures rose more than one percent on Tuesday after Saudi Arabia pledged to work towards oil price stability, while a strong U.S. dollar and an expected rise in U.S. crude stocks helped to keep the gains in check.
Brent futures for January LCOc1 climbed 51 cents to $45.34 a barrel as of 0745 GMT, while U.S. West Texas Intermediate (WTI) crude CLc1 was up 52 cents to the session's high of $42.27 a barrel.
"The focus is turning to the upcoming OPEC meeting and the hope that some production cuts will be forthcoming. OPEC member comments leading into the December 4 meeting are likely to continue to drive sentiment," ANZ said in a note on Tuesday.
Saudi Arabia led a shift by the Organization of the Petroleum Exporting Countries (OPEC) in November 2014 to defend market share against competing supplies, rather than cut output to prop up prices.
Read more: http://www.reuters.com/article/2015/11/24/us-global-oil-idUSKBN0TD02Z20151124
Looks like OPEC blinked. Or rather, looks like the rest of OPEC went apeshit yesterday, and the Saudis blinked.
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