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Brent price dropped to a minimum in four months after the OPEC+ decision

June, 03 2024
watermark Economic news

Benchmark oil prices dropped sharply on Monday evening. Brent crude oil fell to $78.44 per barrel, North American WTI crude fell to $74.28. 


Investors continue to evaluate the results of the OPEC+ meeting held over the weekend. The organization has extended the current production quotas for the whole of next year. Additional restrictions of 2.2 million barrels per day, which were in effect in the first half of the year, have been extended until the end of September. 


Starting in October, additional restrictions will be lifted monthly throughout the year, although this process may be suspended or canceled depending on the market situation.


Goldman Sachs analysts assessed OPEC+'s decision as negative for oil prices, while UBS and RBC Capital Markets experts remain confident in the group's ability to control the market.


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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.