What will happen? The Organization of the Petroleum Exporting Countries and 10 additional oil-exporting countries, including Russia, will hold a videoconference on July 1…
Crude slumps after strong third quarter as September OPEC output goes up
On Monday, crude sank, pausing for breath having posted 20% profits in the third quarter, after a poll pointed to a moderate soar in OPEC output in September.
American crude futures CLc1 lost 0.3% being worth $51.54 a barrel. On Friday, the American benchmark demonstrated its strongest quarterly revenue since the second quarter of last year and the longest streak of weekly profits since January.
Meanwhile, December delivery Brent oil futures dipped 0.4% trading at $56.57 a barrel. On Friday, November delivery Brent futures concluded 13 cents higher reaching $57.54 a barrel, showing a third-quarter revenue of approximately 20%, which is the greatest gain for five quarters. It happened to be the most impressive third-quarter soar since 2004.
The previous week Brent futures hit its highest value for more than two years and reported its fifth consecutive weekly profit. Apparently, it appeared to be the contract’s longest weekly bull run since June last year.
The overall market sentiment is risk-on. The S&P 500 index (US 500) is getting close to the all-time high. Oil is recovering quickly from its recent losses.
What will happen? The FOMC statement will be published at 21:00 MT (GMT+3) on Wednesday, July 28…
PMI reports from the EU, the UK, and the USA will be released during the day!