CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
US English

Oil prices tick higher with eyes on OPEC meeting, Iran talks

By Fitri Wulandari

02:55, 30 November 2021

An illustration of increasing oil price during Covid with oil barrels and an increasing arrow
Oil prices extended gains as markets are still reassessing the impact of the Omicron variant on demand - Photo: Shutterstock

Oil prices extended gains for a second day on Tuesday in Asia as markets are still reassessing the likely impact of the Covid-19 Omicron variant on demand, while keeping eyes on Organization of Petroleum Exporting Countries’ (OPEC) meeting this week and Iran nuclear talks.

International benchmark Brent crude oil futures climbed 1.26% to $74.13 per barrel, while West Texas Intermediate (WTI) advanced 1.60% at $71.07/bbl.

“It is still too early to sensibly assess the risk that Omicron poses and this uncertainty is likely to add further volatility to the oil market,” ING Group said in its note on Tuesday.

Eyes on OPEC

The OPEC led by Saudi Arabia and its allies (OPEC+) will go ahead with its monthly meeting as scheduled for Thursday, after the group delayed a technical meeting to the later in the week. The meeting was delayed as the group hopes to get more information on Omicron.

Markets are expecting that OPEC will decide to suspend a 400,000 barrels per day (bpd) output increase for January 2022.

“The uncertainty of this latest variant will also make the job of OPEC+ more difficult. We would not rule out the group pausing its supply increases over January,” ING said.

Iran nuclear talks

Markets were also keeping eyes on talks to revive a 2015 nuclear deal between Iran and major nations.


2,004.85 Price
-1.180% 1D Chg, %
Long position overnight fee -0.0198%
Short position overnight fee 0.0116%
Overnight fee time 22:00 (UTC)
Spread 0.50


23.02 Price
-3.350% 1D Chg, %
Long position overnight fee -0.0204%
Short position overnight fee 0.0122%
Overnight fee time 22:00 (UTC)
Spread 0.020

Oil - Brent

75.98 Price
+2.030% 1D Chg, %
Long position overnight fee -0.0174%
Short position overnight fee -0.0045%
Overnight fee time 22:00 (UTC)
Spread 0.045

Natural Gas

2.52 Price
-0.450% 1D Chg, %
Long position overnight fee 0.0718%
Short position overnight fee -0.0937%
Overnight fee time 22:00 (UTC)
Spread 0.0050

Diplomats from Iran and five countries that signed what is known as the Joint Comprehensive Plan of Action – China, France, Germany, Russia and the UK – resumed talks on Monday afternoon in Austria, BBC News reported. US representatives participated in the meeting indirectly.

The European Union official chairing the talks, Enrique Mora, said as quoted by BBC that he felt “extremely positive” after they concluded.

More Iran oil

“How these talks evolve in the coming weeks is important for the oil market. Lifting sanctions on Iran would see a sizeable increase in Iranian supply,” ING Group said.

According to ING, Iran currently pumps 2.5 million bpd, compared to 3.8 million bpd before the US pulling out of the nuclear deal.

Read more: Crude futures bounce back Monday


Related topics

Rate this article

The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
Capital Com is an execution-only service provider. The material provided on this website is for information purposes only and should not be understood as an investment advice. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents. We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. If you rely on the information on this page then you do so entirely on your own risk.

Still looking for a broker you can trust?

Join the 570.000+ traders worldwide that chose to trade with

1. Create & verify your account 2. Make your first deposit 3. You’re all set. Start trading