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During today’s meeting of oil-producing countries, Russia rejected the proposal of OPEC members to cut oil output. According to a high-level source, Russia is only ready to discuss the existing production cuts. Moreover, the OPEC and non-OPEC failed to agree on the rollover of existing cuts. The news disappointed oil traders after yesterday’s OPEC proposal.
The announcement pulled the price for WTI to the lows of December 2018. At the moment, the WTI price is moving down to the support at $42.3. The next support lies at $41.4. On the upside, the momentum is limited by the $47 level.
The price of Brent experienced a great slump as well. It has fallen below the $46.6 level. The next support lies at $44.3. The key resistance is placed at $52.8.
As the OPEC meeting ends without a deal, it is just a matter of time when Saudi Arabia decides to cut its output anyway. Follow our news and be ready for more updates on that matter.
This week started with the talk of the United States banning Russian oil exports, so XBR/USD saw $130 a barrel. Then the ban became reality. What does it really mean for the market?
Organization of the Petroleum Exporting Countries (OPEC) is scheduled to meet on January 4.
What will happen? Crude oil inventories will be announced at 17:30 MT (GMT+3) on Wednesday, September 29…
The US Bureau of Labor Statistics will announce average hourly earnings, nonfarm employment change (NFP), and the unemployment rate on July 8, at 15:30 MT time.
The Federal Open Market Committee, a committee within the Federal Reserve, will reveal a detailed record of the central bank’s last meeting on July 6 at 21:00 MT.
The Reserve Bank of Australia will announce its cash rate and make a statement about future rate policy on Tuesday, July 5, at 07:30 MT.
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