ONLINE FOREX BROKER
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…
Good morning, dear traders! Hope you’re doing great! Let’s talk about the news that is worth following today! Key market events: 15:30 MT, CAD GDP m/m 17:00 MT, GBP BOE Gov Bailey Speaks Oil is tensed again Oil rose as China refined its approach…
Happy Friday, traders! Are you ready to trade at the end of the week? Here’s what you need to know before you start:
Hello, dear traders! We hope you have a great day! Let’s see what news is worth following today! Market closing US stock exchanges will be closed due to the Thanksgiving holiday…
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