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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 stable after rising to the highest since November

September, 06 2023
watermark Economic news

Oil prices showed a moderate decline on Wednesday, after they reached the highest levels since November last year the day before. 


This rise was caused by information about the intentions of Saudi Arabia and Russia to extend the voluntary reduction of production until the end of 2023. The Kingdom will reduce oil production by 1 million barrels per day by the end of 2023, and Russia – by 300 thousand b/d.


The current price of Brent oil is $89.34 per barrel. Yesterday, prices reached $91.08. North American WTI oil shows similar dynamics: the current asset price is $86.05, yesterday the quotes reached the level of $87.90 per barrel. 


Analysts believe that restrictions on oil production will continue to support oil prices and may lead to a significant reduction in oil reserves.


Today, you should pay attention to the weekly report from the American Petroleum Institute (API) on crude oil reserves in the country.


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Risk Warning:
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.