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Crude Oil Week Ahead: OPEC Meeting, Key US Data, and Key Levels
Crude Oil Week Ahead: Crude oil faces volatility risks ahead of the OPEC meeting, now rescheduled for Wednesday to accommodate all members and avoid a clash with the Gulf Summit. Sideways price movements persist, leaning towards a bearish bias for 2025.
WTI: OPEC+ and inventories send US oil on a rollercoaster ride
Oil prices are on the verge of breaking below strong previous support at the 93.00 level...
OPEC preview: Will OPEC+ increase output in August?
When OPEC+ meets later this week, it is unlikely to increase output more than the expected 648,000 bpd.
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OPEC+ set for existing deal despite China, overcompliance concerns
The OPEC and its allies (OPEC+) are continuing to slowly relax the output cuts they introduced in 2020
European Open: Lira today, ErdoGONE tomorrow
The Turkish Lira hit fresh new lows overnight as President Erdogan fired his Finance Minister (for opposing rate cuts, along with everyone else).
Is USD/RUB ready for a bounce?
USD/RUB has been moving lower, however, the pair bounced off strong support at the 61.8% Fibonacci retracement from the January 2020 lows to the March 2020 highs
Oil jumps to 7 year high as OPEC+ sticks to output plan
OPEC+ agreed to stick to raising output by 400k bpd in November despite rising pressure from some countries to ease tightness in the oil market. Both oil benchmarks have seen oil prices surge to levels last seen in 2014.
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