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Oil is trading lower
This morning, the New York futures for Brent have fallen 0.52% to $ 50.08 and crude oil futures WTI have down 0.42% to $ 51.72 per barrel. Thus, the black gold is traded in the red zone on the background of the growing number of drilling rigs in the United States, and a strong dollar.
According to Baker Hughes the number of active oil rigs increased by four units.
The dollar's rise to a seven-month high against a basket of major currencies due to expectations of a Fed hike this year, also put pressure on the oil quotations.
OPEC will meet on November 30 to discuss the reduction of oil production. The participants of the cartel hope that States that are not members of the organization, in particular Russia, to join a potential agreement on production cuts.
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