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Oil trading in the red zone
Oil prices are falling, as investors are hesitating on the background of US oil rigs growths and the assumption that the positive from pre OPEC production cuts have already been priced in.
Morgan Stanley's analysts believes that even this factor (production cut) alone should be enough to ensure that oil prices remain in the range of 48-53 dollars per barrel before the official OPEC meeting. The members of the cartel will meet on November 30 in Vienna.
Net long positions rise confirms that traders expect a rise in prices, Commerzbank analysts said. At the same time, they note that the situation can change quickly.
"The subsequent behavior of investors will largely depend on whether OPEC can maintain market confidence in its program of production cut".
Some observers believe that in the short term, the oil market will be supported by the OPEC meeting, but in the medium term, prices will depend on how much production will be reduced.
The cost of the November futures for US light crude oil WTI (Light Sweet Crude Oil) fell to 49.47 dollars per barrel on the New York Mercantile Exchange.
November futures price for North Sea petroleum mix of mark Brent fell to 51.16 dollars a barrel on the London Stock Exchange ICE Futures Europe.
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