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Get the latest economic news from ForexMart, including updates on the financial market, central banks' policy announcements, financial indicators, and other relevant news which can have an impact on the industry.

Disclaimer:  Information provided here to retail and professional clients does not contain and should not be construed as containing investment advice or an investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance.

Oil prices are on the rise ahead of the OPEC+ meeting

May, 28 2024
watermark Economic news

Oil prices started to rise on Tuesday after falling last week. The current Brent quote is $83.00 per barrel, North American WTI oil is trading near $78.90. 


Prices are supported by the expectation of the upcoming OPEC+ meeting on Sunday and increased demand in the United States. Market participants assume that OPEC and its partners will hold an online meeting and extend the reduction in production volumes for the second half of 2024.


The rise in quotations is also facilitated by a slight increase in tension in the Middle East, where an Egyptian army soldier was killed as a result of a shootout between the Egyptian and Israeli military.


Also, this week, it is worth paying attention to the publication of inflation data in the United States, Germany and the eurozone, which may affect the decisions of the European Central Bank and the Federal Reserve System. The central banks of the United States and the eurozone will hold their meetings next week.


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Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.