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…
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
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.
What events to follow and how to trade during the week of July 2-6?
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The Fed held a much-awaited meeting yesterday. The bank hasn’t made any policy changes. As a result, the USD weakened and EUR/USD rocketed. Jump in to know all the latest news!