The current rise in oil prices is more a consequence of trading fears of not losing growth as a result of what is happening in the Middle East than a result of OPEC policy, according to Todd Hovitz, chief strategist at Bubatracking.com, quoted by Bloomberg.
Oil premiums are very close to futures, which means that rising oil prices is more of a fear, the expert added.
OPEC and non-cartel countries supporting production cuts are expected to meet in Vienna on 30 November to discuss the continuation of the agreement.
According to Horwitz, the price of oil has little potential for rise from now on. US crude oil, at $58 a barrel, is expected to provide a strong incentive for shale producers to recover supply and are expected to put new downward pressure on oil prices.
There is a better chance for US crude to return to levels of about 40 dollars than to raise to over 60 dollars, the analyst said.