Will the oil prices rise?

Will the oil prices rise?

The organization of the petroleum exporting countries (OPEC) and non-OPEC oil producers (Russia) will meet on July 1-2. The press conference of OPEC members is scheduled at 18:00 MT time on Monday, while the final joint press conference of all producers is expected on Tuesday at 14:00 MT time. The countries will decide on the extension of the ongoing production cuts. As the cuts failed to curb the oversupply in the first half of the year, it would be interesting to look at the next steps by OPEC+, especially by Russia and Saudi Arabia. Will the countries succeed in making the oil prices higher?

• If OPEC+ extends the production cuts, the oil prices will go up;

• If OPEC+ fails to extend the production cuts, the oil prices will go down.

Note, that you need to choose BRN-19Q to trade Brent and WTI-19Q to trade WTI in the MT4 platform

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Oil market updates on October 23

According to yesterday’s news OPEC is considering further production cuts. The next meeting of oil-producing countries is scheduled for December 5-6. The announcement pushed the oil prices up yesterday.

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