Global macro overview for 17/11/2016:
The Crude Oil Inventories data released yesterday revealed another rise in the stockpiles. Market participants expected a decrease this week from 2432k barrels to 1267k barrels, but the figure revealed was at the level of 5274k barrels. Meanwhile, OPEC members will assemble again on November 30th in Vienna and will try again to agree on a cap in production to stabilize oil prices. Nevertheless, there are serious doubts whether the agreement will be reached as Qatar, Algeria, and Venezuela are working behind the scenes to reach a consensus. If there is no agreement again, the prices might fall even more.