There seems to be no peace for traders interested in oil, as the asset continues to sway up and down in value these days.
Investors were recently encouraged by expectations that OPEC will choose to continue its current policy to reduce oil output at their upcoming meeting on November 30. This, as well as recent developments in Saudi Arabia where the crown prince strengthened his political position, have been generally good to the prices of oil, which climbed to 2-and-a-half year highs.
Now the prices have began to ease off once again. This time the decrease was caused by an increasing extraction of oil in the United States. The country has been using policies that are at odds with OPEC’s efforts, so investors fear that the rising oil prices only reinvigorate the Unites States’ appetite for oil, leading them to increase production every time.
The Brent crude was at $62.92, while the WTI was near $57.86.
