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 is the cheapest since 2018
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.
How the oil prices reacted?
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.
Optimistic forecasts on oil prices, nuclear talks with Iran, and upcoming OPEC+ meeting. How to trade oil these days?
The oil cartel completed its teleconference on Tuesday. WTI spiked above $63.
Although Jerome Powell’s speech sounded hawkish on Wednesday, September 22, markets did not get scared and the main stock indices got bought back…
Turkey’s central bank governor was at a crossroads: to hold interest rates and take a risk to be fired like it was for three governors before him, or to comply with the president, to cut rates, and to risk the market. Let’s find out, how to react to the rate cut.
The Fed can start tapering already this November, oil is rallying pushing the Canadian dollar up! Jump in to know more!