Categories: Uncategorized

Oil closes down, with dollar and OPEC+ on the radar

Oil futures contracts closed lower this Friday (30). Investors are still looking forward to the meeting of the Organization of Petroleum Exporting Countries and allies (OPEC+), next Wednesday (5th). The main cartel members will start discussions about a possible cut in oil production, according to Reuters.

WTI crude for November closed down 2.14% ($1.74) at $79.49 a barrel on the New York Mercantile Exchange (Nymex), up 0.95% weekly. Brent for December dropped 2.34% (US$ 2.04), at US$ 85.14 a barrel, on the Intercontinental Exchange (ICE) and lost 1.17% for the week.

Oil rose during the dawn, but then turned down, amid the appreciation of the dollar – a movement that cooled down afterwards. According to Oanda economist Edward Moya, the oil demand outlook isn’t getting any favors from economic data or corporate reports.

Furthermore, he points out that OPEC+ will have an easy job next week, “but oil prices will not rise until energy traders are confident that an aggressive reduction in production by around 1 million bpd will be delivered.” analyze.

For Capital Economics, OPEC+ is concerned about falling prices since its last meeting and weakening demand as the global economy looks set to enter recession.

“However, many OPEC+ members are producing far less oil than their quotas. As a result, the actual impact on supply will be markedly less than the main cut of the group’s quota”, explains the consultancy.

Source: CNN Brasil

Share
Published by
Joe

Recent Posts

AUD/USD is again rejected above 0.6750 and falls to 0.6690

The Australian dollar falls against its G10 rivals during the European session. Initial US jobless…

8 mins ago

Metro strike affects 3 million people in SP: “I have no alternative to get to work”

This Thursday (23) marks one month since cleaning assistant Andrea Guimarães started a new job.…

16 mins ago

EUR/JPY Price Analysis: Constructive outlook above the 200-day SMA

EUR/JPY loses some bullish momentum around 143.20. For now, the rally seems likely to continue…

28 mins ago

Cryptocurrency Bank Xapo Adds Support for USDC Deposits

Cryptocurrency custodial service and licensed bank Xapo announced a partnership with Circle to introduce support…

40 mins ago

Dylan Sprouse and Barbara Palvin get married, the story of a love that began without haste

2023 seems to have the scent of orange blossom. Because after the surprise wedding of…

42 mins ago

USD/JPY turns positive after US data, holds firm above 131.00

USD The dollar gains momentum ahead of the Wall Street open. Applications for unemployment benefits…

45 mins ago