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#1
08-18-2016, 06:12 AM
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Oil Falls
London Oil fell for the first time in a week on Wednesday, but remained in sight of six-week highs, as investors weighed up how successful potential talks among producers to rein in ballooning oversupply would be. Brent crude futures were down 55 cents at $48.68 a barrel at 0840 GMT, while U.S. West Texas Intermediate crude was at $46.13 a barrel, down 45 cents on the day. Prices have risen by nearly 20 percent in just two weeks to their highest since early July, after speculation surfaced that top producers within and outside of OPEC could finally reach a deal on freezing output. "The market is totally dominated by short speculators facing OPEC talk," SEB commodities strategist Bjarne Schieldrop said. "The 'pain trade' is probably still to the upside. And **w we are a dollar away from $50 so it seems almost unavoidable that we're at least going to take that (level) out." _ أكثر... 
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