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Will OPEC support the oil price?
What will happen?
OPEC-JMMC Meetings take place on June 1 during the day.
As OPEC previously agreed, the cartel member countries will meet every month to adjust their collective supply policy to make sure it is adequate to the reality of the global demand. Last time, they’ve confirmed an upbeat global outlook to proceed with the planned increase in the total supply although the decisions didn’t come without internal discord.
How to trade the OPEC meeting?
On the one hand, if OPEC shares a strong global demand outlook, it will infuse optimism in the oil traders, and that emotional impulse may push the oil price. On the other hand, optimistic vibes imply that the oil supply may be increased even more – these expectations may press on the price.
- If the recovery optimism is stronger than supply increase fears, the oil price may rise;
- Otherwise, it may drop.
Instruments to trade: WTI oil, Brent oil
Last week was very interesting for the markets, as we saw the releases of the US Inflation and Disney’s earnings report. So let's see what we should await this week!
The US will reveal Non-farm payrolls on January 7, Friday, at 15:30 GMT+2 (MetaTrader time).
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.