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.

Oil is growing, waiting for the verdict from the OPEC+ summit


November, 30 2023
watermark Economic news

On Wednesday and Thursday, oil shows steady growth in anticipation of the outcome of the OPEC+ summit. Weaker than expected data on China's industrial production could not put pressure on the dynamics of oil, as there are hopes that actions will be taken in favor of price support following the summit.


The current Brent quote is $84.13 per barrel. This indicator became the highest since November 7. North American WTI oil is trading near $79.30 per barrel. 


Quotes began their growth yesterday, after the release of industry statistics on stocks in the United States. According to the EIA report, oil reserves in the country over the past week increased by 1.61 million barrels to 449.664 million. A day earlier, data from the American Petroleum Institute (API) showed a reduction in reserves by 0.82 million barrels. Gasoline reserves increased by 1.76 million barrels, to 218.183 million, distillate reserves – by 5.22 million barrels, to 110.778 million. 


Today, the oil market is supported by expectations of the outcome of the meeting of OPEC+ ministers. The growth of positive prices suggests that key oil producers have settled the contradictions within the alliance.


Although at the beginning of the week there were reports that negotiations on future oil supplies were difficult. Angola and Nigeria are unhappy with their quotas for next year and would like to increase them. At the same time, Saudi Arabia would like to achieve new production cuts.


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.