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Brent to Trade Around $49 per Barrel

Oil is down slightly on Tuesday. Brent on November contracts is trading in around $49 per barrel, with WTI just shy of $46 per barrel. A growth in the price has come from positive stats from Baker Hughes whose data indicated a fall in operating extraction rigs for last week.

Today’s movements of the oil price will be affected by data from the American Oil Institute on the US’ oil reserves. The data will be out late this evening, so investors will only be catching up to speed on Wednesday. No-one is expecting sharp fluctuations for today. We reckon that the price will continue to fall slightly.

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