Market updates and forecasts

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.

The price of Brent oil dropped below $90 per barrel


October, 03 2023
watermark Economic news

On Tuesday morning, benchmark oil prices continued to decline after reaching three-week lows the day before.


At the moment, the price of Brent dropped today to $89.56 per barrel, which is 1.07% lower than the closing level of the previous session. The current quote of the asset is $90.42. 


North American WTI crude oil shows similar dynamics: a local decline to $87.77 and a subsequent increase to $88.67 per barrel. 


The main negative factor affecting commodity markets on Monday was the strengthening of the dollar, caused by the news about the prevention of a shutdown in the United States. The ICE index, which reflects the dynamics of the dollar against six major world currencies, reached its highest since November last year. Additional pressure on the oil market is exerted by concerns about possible further rate hikes by the Federal Reserve. 


Analysts note that the current decline in oil prices is weakly related to fundamental factors and is due, rather, to the strengthening of the dollar and the increase in the yield of US government bonds. Moreover, technically oil is overbought, and the correction phase may have begun. Nevertheless, experts are confident that the potential for further growth in oil prices remains. 


This week, attention should be paid to the meeting of the OPEC+ Ministerial Monitoring Committee (JMMC), which is scheduled for Wednesday. It is expected that OPEC will recommend maintaining the current agreements on reducing oil production. And this may provide some support to oil prices.


Feedback

ForexMart is authorized and regulated in various jurisdictions.

(Reg No.23071, IBC 2015) with a registered office at Shamrock Lodge, Murray Road, Kingstown, Saint Vincent and the Grenadines

Restricted Regions: the United States of America, North Korea, Sudan, Syria and some other regions.


© 2015-2024 Tradomart SV Ltd.
Top Top
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.