Image credit: A/S Global Risk Management

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Intraday volatility continues this week with Brent oil price settling slightly lower than it opened yesterday after testing the $65 level and retracing back up to the close of $66.43. The market testing support levels - but not closing remarkably different from opening - is apparently a sign of the market having a difficult time in deciding/figuring out which way to go from here. It really seems like there is a lot of uncertainty out there as the three largest oil producers have increased output, OPEC is now talking about decreasing some again, and the sanctions on Iran being effectively postponed as the U.S. introduced waivers.

Last week, OPEC and OPEC member officials talked about introducing further production cuts and even put a number to that suggestion: 1.4 mbpd. 1.4 mbpd is a lot if they were cut from current levels of supply, which is why it is important to keep an eye out for the OPEC rhetoric around the meeting in December.

With few major events in November expected to influence prices immediately, probably all eyes are on the OPEC and non-OPEC meetings next month and the rhetoric leading up to then. However, it usually is the unexpected information that really moves the market.

Turning to economic data, today sees UK Bank of England Carney's speech and Inflation Report Hearings, EU Finance Ministers Meeting and U.S. housing data.