Brent Slides Again But Stays in Narrow Trading Range

摘要

The December Brent futures contract lost 60￠ on Wednesday after sliding 73￠ on Tuesday, although it remained in what traders say is a strong short-term $50-$53 trading range. The current oversupply and the uncertainty whether Opec will strike a deal at the end of November on an output freeze -- or even a cut -- is preventing the market from moving higher, traders argued. But selling this market is equally difficult, "because Opec ministers are meeting every couple weeks and we have headlines every day" on potential output deals, one broker said.