The small drop in futures contracts did not change OPEC's optimism about the value of the commodity. That's because, though small reduction percentage, the value of the oil remains near the highest levels of the last two years.
On Monday, 6 November, prices shot up more than 3%, the largest percentage gain in about six weeks. The result came about because of arrests of senior government officials and members of the Royal family of Saudi Arabia.
At the last OPEC meeting, the cartel members reported that $ $50 dollars a barrel would be a fair price for crude oil. However, using the barrel of Brent from US $ $64 and the WTI trades at $57.34, last Tuesday, the cartel is unlikely to hold the same opinion of the next meeting, which should take place later this month of November.
The high oil has left investors and brawling by oil companies resumed in the industry. Follow the Panorama Offshore and stay informed about everything what happens in the market of oil, gas, energy, fuel, gasoline, pre-salt, Petrobras and offshore. Remember: your business going on around here! Check out: www.panoramaoffshore.com.br and www.facebook.com/panoramaoffshoreACESSE AS REDES DA PANORAMA OFFSHORE: