Hit from hedge fund & other news on Monday
Oil plunged after the ship blocking the Suez Canal was partially re-floated. A $20 billion wave of block trades hit markets on Friday.
Important news for oil traders
The meeting of the Organization of the Petroleum Exporting Countries (OPEC) will take place on June 22. During this day, there will be important announcements from the world’s top oil producers.
The main question is whether the largest exporters decide to stick to output cuts or choose to increase production.
• If OPEC decides to increase output, oil prices will go down.
• If OPEC maintains limitations on output, oil prices will go up.
The dynamics of oil prices has a direct impact on the currency market. Commodity currencies like CAD, AUD, NZD will be the most sensitive to the news. And remember that you can trade WTI and Brent oil with FBS as well.
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