OIL has just hit its lowest in two weeks following the report that Saudi Arabia is pushing OPEC+ to consider restarting oil production earlier than planned in a bid to regain global market share, though no decision has been finalized.
According to people familiar with the matter, Riyadh aims to boost output to counter weaker prices with higher volumes, but the move could face resistance from members favoring tighter supply to support prices. Whether the increase is agreed upon soon or delayed to later months remains uncertain.
Start investing today or test a free demo
Create account Try a demo Download mobile app Download mobile appThe possible supply boost could come as early as after Sunday’s OPEC meeting. The news pushed the OIL contract below its August lows, with prices currently down 1% from the previous hour.
Source: xStation5
The material on this page does not constitute as financial advice and does not take into account your level of understanding, investment objectives, financial situation or any other particular needs.
All the information provided, including opinions, market research, mathematical results and technical analyses published on the website or transmitted to you by other means is provided for information purposes only and should in no event be interpreted as an offer of, or solicitation for, a transaction in any financial instrument, nor should the information provided be construed as advice of legal or fiscal nature.
Any investment decisions you make shall be based exclusively on your level of understanding, investment objectives, financial situation or any other particular needs. Any decision to act on information published on the website or transmitted to you by other means is entirely at your own risk. You are solely responsible for such decisions.
If you are in doubt or are not sure that you understand a particular product, instrument, service, or transaction, you should seek professional or legal advice before trading.
Investing in OTC Derivatives carries a high degree of risk, as they are leveraged based products and often small movements in the market could lead to much larger movements in the value of your investment and this could work against you or for you. Please ensure that you fully understand the risks involved, taking into account your investments objectives and level of experience, before trading, and if necessary, seek independent advice.
