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Oil has its lowest close – Investec

FXStreet (Barcelona) - The Investec Research Team notes that Oil had its lowest close since September, 2010, ahead of the OPEC meeting.

Key Quotes

“In other news the Wall Street Journal ran an article that OPEC members are said to be moving towards cutting oil supply. This comes after an oil over-supply coupled with waning global demand that has seen oil prices plummet, dragging inflation lower in energy importing countries like the UK and hurting commodity-linked currencies like the CAD and the NOK.”

“Such a move would therefore be supportive of those currencies and could see inflation expectations in the UK rise. The OPEC meeting, to be held tomorrow, will be in focus as oil overnight had its lowest close since September 2010.”

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