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…
Oil holds its revenues as OPEC and allies are set for Vienna meeting
On Thursday, oil held profits in Asia, with all eyes on Vienna, exactly where OPEC as well as allied producers are expected to extend a highly anticipated crude output cut pact by up to nine months.
June delivery crude futures tacked on 0.74% in New York, being worth $51.74 a barrel. In London, Brent futures soared 0.80%, trading at $54.39 a barrel.
Apparently, American shale appears to be a considerable threat to the OPEC deal, especially considering how the ascending output from America, has grasped market share from other OPEC participants.
On Thursday, at a gathering in Vienna OPEC’s supposed to extend an initial six-month crude output cut pact along with other crude producers led by Russia to March 2018.
Meanwhile, gasoline inventories edged down by 0.485 million versus hopes for a draw of 0.74 million barrels. As for distillate stockpiles, they went down by 0.485 million barrels, compared to hopes for a 0.74 million sag.
The Fed held a much-awaited meeting yesterday. The bank hasn’t made any policy changes. As a result, the USD weakened and EUR/USD rocketed. Jump in to know all the latest news!
What will happen? The US Q2 Gross Domestic Product will be announced at 15:30 MT time (GMT+3) on Thursday, July 29…
Today the Fed will make a policy statement at 21:00 GMT+3. This event will affect all the currency pairs with the USD and thus almost the all Forex market!