Forex tips: OPEC raises the bar up to $60.47 per Oil barrel

Here are some hot forex tips and recent news: The past week people all over the world were with their hand on the pulse waiting for a formal decision from the Organization of Petroleum Exporting Countries.

While the Oil prices where volatile due to the new OPEC cartel’s output policy,

Contradicting Algerie Presse Service last weekend rumors about OPEC reducing output approximately 4 percent with possibility to rise up to 24 percent decline.

After optimistic quote by Mike Fitzpatrick at Fimat, USA saying "may be enough to discourage aggressive near-term selling”, this November crude delivery stands on $60.47 per barrel in electronic trading on the New York Mercantile Exchange - a 71 cents rise.

However, and here are some important forex tips, for the long-term view, apparently before the end of the year, the OPEC would trim their outputs as global inventories rise and economic growth slows,

Already now majority of OPEC states support a voluntary decline in mid-December at an assembly in the Nigerian capital of Abuja after Nigeria and Venezuela willingly began reducing their oil production by a combined 170,000 barrels per day.

Joseph Capurso, an analyst with Commonwealth Bank of Australia in Sydney said "The market's been toying for a while with whether OPEC will or will not cut production but whether or not it happens, the world economy is strong, so that will put a floor under prices -- there isn't a concern that U.S. oil consumption is going to fall into a hole."