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.

«Bears» have captured the oil market


June, 04 2024
watermark Economic news

Oil prices continued to decline on Tuesday morning – Brent quotes fell to $ 76.77 per barrel, WTI prices reached $72.48. Brent ended last trading at its lowest level since February 5, and WTI – since February 7.


Pressure on the market was exerted by the decision of OPEC+ to extend 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, will be maintained until the end of September. These restrictions will be gradually lifted every month over the next year, although this process may be suspended or cancelled depending on market conditions.


Warren Patterson, head of strategy at ING Groep's Commodity markets, noted that the gradual lifting of additional restrictions could lead to a small surplus of fuel on the global market next year. However, the oil-producing countries stressed that the increase in supplies could be suspended if market conditions require it.


At the end of the week, data on unemployment and job growth in the United States are expected to be published, which are closely monitored by the Federal Reserve System. Strong statistical data may increase the likelihood that the Fed will keep interest rates at the current level for a long time.


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.