empty
 
 
28.04.2021 02:04 PM
OPEC+ decision sets up oil market roller-coaster ride

On Wednesday, oil prices declined amid the OPEC+ decision to keep its latest May-July crude production policy unchanged.

This image is no longer relevant

Thus, Brent oil futures for June delivery closed at $66.58 per barrel, losing 0.24% compared to the closing price of the previous session. On Tuesday, Brent crude rose by 1.2% to $66.42 per barrel.

June West Texas Intermediate crude settled at $63.06 per barrel, sagging by 0.19% from the closing level of the previous trading day. The day before, the North Sea oil price jumped by 1.7% to $62.94 per barrel.

This image is no longer relevant

On Tuesday, the OPEC+ meeting showed no unexpected surprises. The member countries of the international organization decided to adhere to the previous oil production plan adopted on April 1, 2021. The next OPEC+ meeting is scheduled for June 1.

At the same time, there is growing angst among investors over a surge in new COVID-19 infections in India, which could lead to a tangible decrease in oil demand.

On Wednesday, oil market participants are awaiting data on energy inventories in the United States.

Thus, the American Petroleum Institute reported on Tuesday that US crude supplies rose by 4.3 million barrels during the last week. At the same time, the country's gasoline stockpiles were down by 1.3 million barrels, and distillate inventories declined by 2.4 million barrels.

Experts predict that data from the US Department of Energy will show a drop in crude inventories in the United States by 200 thousand barrels. According to analysts' forecasts, gasoline reserves have remained unchanged, while distillate inventories have decreased by 1.2 million barrels.

By the way, investor sentiment in the oil market was highly euphoric on Tuesday. WTI crude oil rose to a weekly high following the statement of US President Joe Biden.

In his speech, Biden announced the tremendous progress in combating the COVID-19 pandemic and vaccinating the American population. Thus, about 215 million people have already been vaccinated in the United States, including 67% of the country's senior citizens.

Today, the issue of vaccination is crucial for the oil market, which directly depends on the demand for fuel necessary for transport.

Irina Maksimova,
Pakar analisis InstaForex
© 2007-2024
Dapatkan keuntungan dari perubahan nilai mata uang kripto dengan InstaForex.
Unduh MetaTrader 4 dan buka perdagangan pertama Anda.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    GABUNG KONTES
  • Chancy Deposit
    Isi akun Anda sebesar $3000 dan dapatkan $8000 lebih banyak!
    Pada Maret kami mengundi $8000 dalam promo Chancy Deposit!
    Dapatkan kesempatan untuk menang dengan melakukan deposit sebesar $3000 pada akun trading Anda. Setelah memenuhi persyaratan ini, Anda telah menjadi partisipan promo.
    GABUNG KONTES
  • Trade Wise, Win Device
    Top up akun anda dengan dana minimal $500, daftar kontes, dan dapatkan peluang untuk memenangkan perangkat seluler.
    GABUNG KONTES
  • 100% Bonus
    Kesempatan langka untuk mendapatkan bonus 100% pada deposit anda
    DAPATKAN BONUS
  • 55% Bonus
    Ajukan bonus 55% pada setiap deposit anda
    DAPATKAN BONUS
  • 30% Bonus
    Raih bonus 30% setiap kali anda top up
    DAPATKAN BONUS

Artikel yang direkomendasikan

Tidak bisa bicara sekarang?
Tanyakan pertanyaan anda lewat chat.
Widget callback