Oil News

Analysts said geopolitical tensions sparked by North Korea’s firing another short-range missile also encouraged some profit-taking

Oil trading below $61 a barrel ahead of Opec’s meeting

Analysts said geopolitical tensions sparked by North Korea’s firing another short-range missile also encouraged some profit-taking

Oil fell below $61 a barrel on Tuesday, weighed down by a recovery in the U.S. dollar and expectations that an OPEC meeting later this week would keep the cartel’s output unchanged. Analysts said geopolitical tensions sparked by North Korea’s firing another short-range missile also encouraged some profit-taking. Strong comments from OPEC kingpin Saudi Arabia that the group was likely to leave its output targets unchanged also weighed on oil prices. The Organization of Petroleum Exporting Countries (OPEC) is not expected to change production policy this week, the al-Hayat newspaper quoted Saudi Oil Minister Ali al-Naimi as saying on Tuesday, adding that the world stocks were still too high to consider lifting output. Crude Oil is trading at $60.30 as of 9:30am, London Time. Crude’s Pool-Position is 87% Long, meaning that most Finotec clients are buying the commodity.

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