Reuters has reported that OPEC+, a cartel of oil-producing countries, is strongly considering a production hike commitment at its meeting over the weekend.
OIL.WTI (H4)
Source: Xstation
Donald Trump’s policy and lower prices have forced the cartel’s hand to attempt to reclaim recently lost market share.
Source: Bloomberg Finance LP, XTB
OPEC has already surprised traders multiple times this year with its shift in strategy toward being more production-oriented rather than controlling supply by all means.
US100 falls almost 2% 🚩 Semiconductor stocks plunge as SanDisk tumbles 13%
📈 Bitcoin climbs above $62K
EIA Natural gas inventories change higher than expected
Oil extends losses as easing Middle East tensions push prices toward $70