24.11.2014 - The market is waiting for the OPEC meeting

The price of oil continues to rise gradually against the background of China's central bank decision to cut interest rates in order to maintain economic growth, which slowed to its lowest level in the last 5 years - 7.3%. In addition, on the market continued speculations about the OPEC meeting which will be held on November 27 in Vienna. So, it was reported that Iran's oil minister of Saudi Arabia may offer to support decline oil production quotas by 1 million barrels, which should reduce the imbalance between supply and demand of oil and support the quotes. We keep our medium-term negative outlook on oil, but we recommend to take profits on short positions.

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