Time to collect our knowledge about OPEC and prepare for its meeting.
Tag - oil
Here are the most important topics that will determine the dynamics of currencies, commodities and stocks on Thursday, April 9. N
OPEC+ is holding a video conference this Thursday to strike a global output cut deal - will that happen?
Most of the currency pairs are in a consolidation, waiting for confirmation that the US and Europe are seeing the infections peak already. Oil is waiting as well: at 15:00 MT OPEC+ holds a video conference about the global production cut; if a 10mln bpd cut is agreed, oil will fly!
The virus situation keeps improving slowly but steadily; nevertheless, investors are still concerned with the larger scope of economic consequences: USD slides down, JPY weak, gold rises.
So are Russia and Saudi Arabia going to strike a deal? And where is the US?
The coronavirus, the shocking levels of the key economic indicators and the OPEC+ meeting are at the center of this report.
The week starts with weaker JPY and GBP, USD stays strong, gold rises to $1,620, and oil hopes for OPEC+ supply cut resolution.
WTI oil prices jumped up after Donald Trump’s 2 tweets
Global coronavirus cases have surpassed 1 million, US unemployment claims have doubled, oil has soared, and NFP will come out in a few hours. Watch the video and learn more about the market!
WTI was at $20 per barrel just in the beginning of the day. Currently - above 25$.
WTI is at 17-year lows. Is it the end?