Supply disruption from Nigeria to Canada affected the global oil supply ahead of OPEC meeting on Thursday in Vienna. The meeting agenda is to talk about production policy.
There isn’t any significant movement of oil price since yesterday, but overall it has been strengthened since about four months ago. Attack of Nigerian separatist militia had limited the country’s supply to the lowest level in more than two decades. Separatedly, Canada oil production declined because of the wildfire. Canadian oil producers will be operating again once the fire put down.
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Eko Trijuni has been trading forex full time since 2005. He is now the Head Market Analyst for FOREXimf.com. His specialty is technical analysis.