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Oil Prices Consolidate Ahead of OPEC Meeting

At the end of this trading week, oil prices paused a decline. The attention of traders is absorbed by the upcoming results of the OPEC meeting in Vienna. The Brent Crude Benchmark has rebounded from the local low at $73 per barrel and added about 1%. Market participants hope that today oil producers will refrain from taking a hasty decision to get back to the previous output levels. Additional support to oil prices is uncertainty […]

OPEC Summit in Vienna to Impact oil Dynamic

Tomorrow, the participants of the OPEC+ deal will hold a meeting where a decision on the oil production volume will be taken. Crude prices are sinking. The Brent Crude Benchmark has lost around 2% today, falling to $73.30 per barrel. Sell-offs were triggered by the news that Iran does not mind a small increase in the oil production of oil exporters. Earlier, Iran alongside Iraq, and Venezuela opposed the offer of Russia and Saudi […]

Risk of Trade War Between US and China Change Sentiment in Oil market

While the financial markets are entering the turbulence zone on the back of escalation of trade conflict between the United States and China, oil traders manage to recoup the recent losses. The Brent Crude Benchmark approached the level of $75 per barrel. The main reason behind a rise in oil prices in the news about the intentions of Russia and Saudi Arabia to ramp up production gradually. However, Iran, Iraq, Venezuelan, and Algeria stand against increasing of output. Market […]

Optimism of Oil Traders to be Short-Lived

Oil traders have started the new week on an upbeat note. Investors are waiting for the meeting over the OPEC+ deal in Vienna on June 22nd. The Brent Crude Benchmark has come off the low of $75.50 per barrel and is trading above $74. Analysts suppose that the crude price will return to the Friday positions. This week, the OPEC member and non-member countries will hold a meeting, where they will discuss their […]

Russia and Saudi Arabia Ready to Get Things Under Control

Today, oil prices are trading under pressure amid speculation that the participants of the OPEC+ deal will decide to ramp up production of Crude Oil. Currently, Russia and Saudi Arabia hold negotiations aimed for taking control over stability in the oil market. But bearing in mind their intentions to get back to the previous output levels, investors expect that the meeting, that will take place in Vienna on the 22nd of June, will […]

Oil Market Trading in Positive Mood

Oil prices have barely changed since yesterday, as the positive mood prevails in the market. First of all, let us pay attention to the Light Sweet Crude Oil that is approaching the 13-day high. WTI is trading near the level of $67 per barrel. Experts say that the official report of the Energy Information Administration had a significant impact upon oil prices. The report showed that the stockpiles of Crude Oil in the United […]

Oil Trading — Prices Remain Mixed

The oil market is trading mixed today. The Brent Crude Benchmark is trading under pressure while WTI prices extend gains. The Brent Crude Oil made an attempt to break the level of $76 per barrel, but failed and is trading slightly below this level. The prices lack momentum as Russia plans to offer the OPEC members to return to the previous output levels and recover production. Meanwhile, the Light Sweet Crude Oil […]

Oil Traders in Gloomy Mood on Monday

Oil is trading under pressure today as traders are still discouraged with a weekly update from Baker Hughes, released on Friday. According to the Baker Hughes industry group, the number of oil rigs in the US increased to 862, the biggest number in the recent 3 years. This reading signals an ongoing trend of ramping domestic production of Crude Oil. Nevertheless, West Texas Intermediate remained unaffected since the close price of the last trading […]

Oil Gradually Recovering

The situation in the crude market attracted trading attention. Investors are awaiting the release of the official weekly oil inventory data in the United States from the Energy Information Administration. The WTI benchmark is trading at $65.30 per barrel today. Earlier, the crude price barely touched the mark of $66 on the back of the crude stockpiles report from the American Petroleum Institute. The data showed a decline of 2 million 28 thousand barrels in the US oil inventories […]

Oil Falling, But Commodity Currencies Resisting

Today, traders refrain from buying oil futures. As a result, crude is moving downwards. The Brent Crude Benchmark came off from $76 a barrel amid higher concerns over increased oil production by participants of the OPEC+ agreement. The official decision on the crude output freeze will be taken by the oil cartel on June 22nd in Vienna. The WTI Crude Benchmark is trading near $65.40 a barrel. Experts link the decline to the Friday […]

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