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.

Brent dropped below the level of $78 per barrel


December, 04 2023
watermark Economic news

On Monday, there is a significant decrease in oil prices. The current Brent quote is $78.25 per barrel. However, at the beginning of trading, the asset fell to a minimum in the last two weeks – $ 77.67 per barrel. 


January futures for WTI on the NYMEX exchange lost 1.3% in price, dropping to $72.88 at the moment. The current quote for North American oil is $73.06 per barrel. Over the past week, both benchmarks have lost about 2%. 


Investors are carefully analyzing the potential impact on the oil market of the results of the last OPEC+ meeting. At the meeting, the ministers of oil-producing countries did not change the official quotas for oil production, but individual countries of the group announced a voluntary reduction in production by 2.2 million barrels per day in the first quarter of 2024. 


Saudi Arabia will reduce production by 1 million barrels per day, Iraq – by 223 thousand, the UAE – by 163 thousand, Kuwait – by 135 thousand, Kazakhstan – by 82 thousand, Algeria – by 51 thousand, Oman – by 42 thousand.


Analysts note that in the short term, the oil market is inclined to further decline, given the level of uncertainty and the lack of obvious growth catalysts.


You should also pay attention to statistics from the oilfield services company Baker Hughes: the number of operating oil drilling rigs in the United States increased by 5 units, to 505 over the past week, while the number of gas installations decreased by 1, to 113.


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.