|News||Crude gains for the second day ahead of OPEC meeting|
|Analysis||Crude hovered above $88 per barrel today as traders anxiously await this weekend’s OPEC meeting as they look for any changes in crude’s production, while rising economic recovery speculations were bolstered by China’s plans to raise imports and US unemployment dropping.|
Crude today hovers around $88 per barrel recording its highest around $88.89 and lowest around $88.30, while it currently is trading around $88.54 per barrel.
The anticipated 12- nation Organization of Petroleum Exporting Countries, in charge of 35% of global crude production, meeting in Ecuador on Saturday over the weekend, is expected to keep production quotas unchanged; specifically since OPEC has not changed output quotas since 2008.
Crude yesterday traded around $88 per barrel recording its highest around $89.39 and lowest around $87.69 per barrel, closing around $88.55 per barrel. Futures climbed yesterday as the dollar fell due to unemployment rates dropping from 17 thousand to 421 thousand, lower than previous forecasts of 425 thousand, alongside the cold weather sweeping Europe and US and thereby pushing higher demand on crude.
Moreover, China increased fuel production and imports to meet the diesel supply; however, the prospect of crude dropping is due to the China's expected interest rates increase and thereby leading to a drop in crude.
As for NYMEX as of 03:39 EST; motor gasoline fell $0.05% recording $233.930 per gallon; heating is trading around $247.370 per gallon inclining $0.28; whereas natural gasoline climbed $0.11 to record $4.440. In London, Brent futures shed $0.03 to record $91.250.