WTI Crude Oil (current price: $44.22)
Oil had a calm day yesterday, as it traded in a narrow range. The crucial commodity has been falling sharply for more than a week, before consolidating on Tuesday. WTI Crude is now lower once again, as it is hurt by the decline in risk assets following the U.S. election. The OPEC meeting towards the end of the month will be the next crucial event for the commodity. The cartel is expected to reduce its production, but that might be difficult, as countries like Iraq and Iran don’t agree with the plan.
Our assessment: Oil got back to the $45 level yesterday before turning lower again this morning. The commodity might remain volatile later on this week.
