Today’s attention of the oil market and the entire financial markets is focused on the OPEC meeting in Vienna.

Yesterday’s contradictory statements by the OPEC representatives have caused the rise in volatility in the oil market and increased doubts about achieving successful agreement by OPEC. This fact led to the decline in oil prices on Tuesday.

If Saudi Arabia tries to find ways for reaching an agreement, Iran may clarify its position only at the meeting. Saudi Arabia insists on limiting oil production in Iran to 3.7 million barrels per day, while in Tehran wants to leave production at 3.97 million barrels per day.

On Tuesday oil prices fell to the 2-week lows. Yesterday, spot price of crude oil Brent fell to 45.90. Futures for Brent fell by 1.86 USD, or 3.9%, to 46.38 USD per barrel.

OPEC meeting will start at 14:00 (GMT+3) today.

At the beginning of the European session on Wednesday, spot price of crude oil Brent was near the level of $47.80 per barrel. Now, the price movement will depend on the outcome of today's OPEC meeting. It is expected that the cartel will agree to limit production to 32.5-33 million barrels per day.

Many market participants are skeptical about the OPEC agreement to reduce oil production. Because even if the agreement is signed, there is no guarantee that OPEC members will fulfill their obligations.

However, today, such a strong fundamental factor as an agreement to limit oil production will be the main driver determining movement direction in oil prices.

US Department of Energy will issue weekly report on oil reserves at 18:30 (GMT+3).

This data may also add volatility in the oil market.Brent: in anticipation of the outcome of OPEC meeting.  Fundamental analysis for 30/11/2016

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