empty
 
 
04.03.2021 02:05 PM
Oil prices are growing steadily, awaiting the final decision of OPEC

Oil continues to trade upwards ahead of the OPEC meeting today.

This image is no longer relevant

In fact, in the NYMEX, May futures for Brent has increased by 0.86%, hitting $ 64.62. Meanwhile, April futures for WTI oil jumped by 0.78% and reached $ 61.76 per barrel.

A day earlier, April futures for WTI grew by 2.6% and traded at $ 61.28 per barrel, while May contracts for Brent soared by 2.2% and closed at $ 64.07 per barrel.

This image is no longer relevant

It seems that market participants are continuously monitoring the actions of OPEC. They must be waiting for the final decision of members amid optimism over improving epidemiological situation and recovery in fuel demand.

But on Wednesday, during the first meeting of OPEC, the committee did not issue official recommendations on the level of oil production in April.

To add to that, gasoline inventories in the United States have declined significantly, dropping by 13.6 million barrels over the week of February 20-26, according to the report of the US Department of Energy. Meanwhile, stocks of crude have increased by more than 21 million barrels, while stocks of petroleum have decreased very sharply. The ministry also reported that crude oil inventories in Cushing, Oklahoma increased by 500,000 barrels.

Previously, market participants assumed that OPEC would increase oil production in April (by approximately 500,000 barrels per day). But on the first day of its meeting, some countries have expressed their preference of maintaining the current production limits, amid fears for the volatility of demand.

Aside from that, the decision of Saudi Arabia regarding its additional 1 million bdp production cut remains unknown.

Nevertheless, experts believe that oil prices will decline, especially in the short term. It will largely depend on the final decision of OPEC.

Many expect Saudi Arabia to stop its unilateral production cut and OPEC to ease restrictions.

Irina Maksimova,
الخبير التحليلي لدى شركة إنستافوركس
© 2007-2024
كسب عائد من تغيرات أسعار العملات المشفرة مع إنستافوركس.
قم بتحميل منصة التداول ميتاتريدر 4 وافتح أول صفقة.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    انضم إلى المسابقة
  • إيداع الحظ
    قم بإيداع 3,000 دولار في حسابك واحصل على $5,000 وأكثر من ذالك!
    في مارس نحن نقدم باليانصيب $5,000 ضمن حملة إيداع الحظ!
    احصل على فرصة للفوز من خلال إيداع 3,000 دولار في حساب تداول. بعد أن استوفيت هذا الشرط، تصبح مشاركًا في الحملة.
    انضم إلى المسابقة
  • تداول بحكمة، اربح جهازا
    قم بتعبئة حسابك بمبلغ لا يقل عن 500 دولار ، واشترك في المسابقة ، واحصل على فرصة للفوز بأجهزة الجوال.
    انضم إلى المسابقة
  • بونص 100٪
    فرصتك الفريدة للحصول على بونص 100٪ على إيداعك
    احصل على بونص
  • بونص 55٪
    تقدم بطلب للحصول على بونص 55٪ على كل إيداع
    احصل على بونص
  • بونص 30٪
    احصل على بونص 30٪ في كل مرة تقوم فيها بتعبئة حسابك
    احصل على بونص

المقالات الموصى بها

لا تستطيع التحدث الآن؟
اطرح سؤالك في الدردشة.
Widget callback