Yesterday’s private survey showed larger-than-expected cut in oil output.
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
The release of crude oil inventories earlier today showed a surprise increase in the number of barrels.
The yellow metal reached the highest levels in 6 years amid the global risk aversion.
The retail sales for the US in focus today
During today's Turkish central bank meeting, the market anticipated a rate cut between 200-300 pips.
The USA will publish the level of retail sales and core retail sales on September 13, at 15:30 MT time.