Brent oil retreats from 16-month high

Omkar Godbole FXStreet Contributor

Brent oil backed off from the 16-month high of $54.50 clocked yesterday in a move which appears to be largely chart driven.

At the time of writing, Brent oil was trading around $43.65/barrel. Wednesday’s 9% rally was followed by a 4% surge yesterday.

Across the pond, WTI oil was down at $50.90 levels.

Will the OPEC stick to its plans?

The question now being raised is whether the OPEC members will play by the rules of the game. The deal also includes Russia, which too needs to play its role to the T.

Whether the OPEC and Russia stick to the plan partly depends on the response from the Shale producers to higher oil prices.

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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