Oil Drives Waiting for the G20 and OPEC; Powell delays his $ 50 test by Investing.com

Investing.com – Oil prices have fluctuated today as the long roads leading to Buenos Aires and Vienna attract it.

But one must also take into account the Fed's diary and its consequences on oil volatility between Friday and the G20, as well as the OPEC meeting a week later.

Instead of reacting seriously to the latest EIA data, that even larger-than-expected oil market participants spent Wednesday waiting for Fed Chief Jerome Powell's speech on "The Federal Reserve's" Financial Stability "Monitoring Framework at the New York Economic Club.

The Gain? A message interpreted as adept of any interest rate increase plans for 2019. [19659004] The resulting low in the market and the jump in oil – shares and oil have moved in parallel despite the diversification offered by commodities – temporarily delaying It seems that the ultimate goal of tankers is to break support of $ 50 per barrel awarded to US West Texas Intermediate.

"EIA report released today gives way to Fed chief's speech", said Tariq Zahir, director Tyche Capital Advisors., a fund focused on oil in New York. "On top of that, we have the G20 meeting scheduled on Friday, during which the Saudi and Russian energy ministers could discuss cuts in production even before the December 6 OPEC meeting. "

million. Powell said that the "gradual pace of the Fed The increase in interest rates has been a risk-balancing exercise," but added "there is no way predefined policy. "In addition to the Fed chief's speech, the central bank will also release the minutes of its November policy meeting.

US was up 17 cents to 51.73 dollars a barrel at 12:40 pm HE (17:40 GMT) .WTI remains about 33% below the four-year high of nearly $ 77 per barrel reached in early October. "He nearly tested his support of $ 50 a barrel Monday after having reached a low of $ 50.10 for 13 months

UK, the world benchmark for oil, increased 13 cents to $ 60.53 Brent remains about 30% below record high of 87 years since the beginning of last month for four years.Friday, he fell for the first time below the $ 60 support that had been in place since July 2017.

The EIA said Wednesday that crude oil had risen 3.58 million barrels last week compared to a forecast of 770,000 barrels. Inventories have increased by 56 million barrels in the last 10 weeks. US crude inventories totaling 450 million barrels are also at their highest level since the last week of Thanksgiving.

The report shows an unexpected drop of 760,000 barrels over forecast for a construction of 640,000 barrels. But recorded an unexpected gain of 2.61 million barrels, against a drop of 860,000.

Oil volatility has resumed in the face of the G20, speculating that President Donald Trump and his Chinese counterpart Xi Jinpeng could hit hard A trade deal on the sidelines of the Buenos Aires meeting

On Monday, in an interview with The Wall Street Journal, Trump said it was "very unlikely" that he would accept Beijing's request for delay Washington's 25 project to raise tariffs. % on some 200 billion dollars of Chinese products to receive from January 1st.

A survey of Bloomberg badysts and a note from Goldman Sachs (NYSE 🙂 predicted that Saudi Arabia would advocate for a reduction in production at the expanded meeting of OPEC + , which includes Russia in Vienna next week, despite Trump's persistent tweets discouraging any cuts leading to higher oil prices.