Forex Videos

During the early session, oil prices are close to fresh highs amid growing optimism of market participants about the OPEC meeting with non-OPEC producers. Brent crude climbed to $54 per barrel and now oil prices are expected to correct its movement. Analysts believe that oil prices can move up to $55 by Thursday. Energy ministers of the main oil exporting countries will meet this week to discuss the current market situation and assess the need to extend the OPEC deal to cut production. Oil extends gains despite the Baker Hughes report released on Friday. Last week's figures showed that the US rig count climbed to 720. However, the Energy Information Administration has been reporting reduction of the US commercial inventories for a long time. Those reports also put upward pressure on oil prices. Today, WTI Crude Oil is trading at $51.09 a barrel. Oil prices were also influenced by the US dollar. Its weakness and uncertain political situation in the US due to Donald Trump' actions encourage investors to opt for oil.