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The Organization of the Petroleum Exporting Countries and 10 additional oil-exporting countries, including Russia, will hold a videoconference on July 1. After the optimistic outlook on the oil demand provided by the alliance last month, traders will focus on other remaining issues. The first of them is related to the negotiations over Iran's nuclear deal. Despite significant progress, Iran and the world powers are still far from the deal. That is, the future of the additional oil output from Iran remains uncertain. Another issue is Russia’s plans to boost its oil output. An increase in oil supply will drive the oil prices down, which may not be appreciated by Saudi Arabia. Given all the facts above, the meeting is going to create volatility in the oil market.
You need to follow the insights from the meeting coming out throughout the day. If you want to stay updated, you can visit FBS News or join the Telegram Channel of FBS Analytics.
Instruments to trade: XTI/USD, XBR/USD
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Greetings to a brand new week full of events, economic releases and US debt frictions. We are here to tell you everything you need to know!
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