ANKARA Crude oil prices were up on Wednesday as the upcoming meeting between OPEC and its allies, known as OPEC+, give hope to investors of potential support to prices. International benchmark Brent crude was trading at $32.32 per barrel at 0620 GMT for a 1.4% increase after it closed Tuesday at $31.87 a barrel. American benchmark West Texas Intermediate (WTI) was at $24.72 a barrel at the same time for a 4.6% gain after ending the previous day at $23.63 per barrel. The oil producing member countries of OPEC+ will hold a teleconference on Thursday to discuss the low price environment and the supply-demand balance in the global oil market. Due to the rapid spread of coronavirus, or the COVID-19 disease, weak economic activity around the world has lowered global oil demand, increasing the glut of supply in the market. Saudi Arabia-led OPEC and Russia-spearheaded non-OPEC failed on March 6 to lower their collective output, causing a massive plummet in prices, which fell on March 30 to their lowest level since 2002. The OPEC+ group is estimated on Thursday to lower their collective oil production level by between 10-15 million barrels per day in order to trim some of the oversupply.
Oh My goodness, Oil price was unbelievable spike up to the sky high ! As at 4.35am, Nymex => $26.09 (+2.46) (+10.41%) Brent => $33.54 (+1.67) (+5.24%)
The price of a West Texas Intermediate barrel of oil shot up on Wednesday afternoon by nearly 7% shortly after OPEC’s President gave the market fresh optimism about tomorrow’s virtual OPEC++ meeting. “The meeting will undoubtably be fruitful in order to rebalance the market through measures we will take tomorrow,” Mohamed Arkab, OPEC’s President and Algeria’s Energy Minister told state news agency APS, according to Reuters.
While an intangible statement, the optimistic words spoken by the OPEC President seem to be just what the doctor ordered for the volatile markets as speculators try to make the most out of the oil-price plunge. As a result of today’s spike, trading of the biggest oil ETF, the United States Oil Fund (USO), had been halted temporarily. Trading of the USO has since resumed. The USO is trading up 4.03% as of 3:03pm EDT. All eyes remain on the potential deal that OPEC group may come up with tomorrow in what could be the largest oil production cut deal ever. Signatories to the deal could include, in addition to OPEC, Brazil, Norway, Canada, and all the OPEC+ countries that signed onto the previous deal. While some are hoping that the United States may join in the cuts, a formal agreement between the US and other oil producers appears unlikely. Saudi Arabia and Russia, together responsible for producing more than 22 million barrels per day, are expected to make or break the chances of a production cut deal.
A 10 million bpd figure has been discussed by meeting attendees in the run-up to the meeting, although that figure would be insufficient to offset the loss in oil demand that the market has seen due to the coronavirus.
Walaoeh, Oil price spike up like mad already ! It's definately indicating that the Opec + meeting will come out a deal of ouput cut ! As at 4.37pm, Nymex => $26.14 (+1.05) (+4.18%) Brent => $33.90 (+1.07) (+3.26%)
The current OPEC members are the following: Algeria, Angola, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, the Republic of the Congo, Saudi Arabia (the de facto leader), the United Arab Emirates and Venezuela.
Wow, Congratulations to you all guys who is still keep tight tight & Sailang Armada at current low price ! Good news from the OPEC+ meeting which the output cut was Deal and the oil price then was spike up sharply!
As at 12.13am, Nymex => $26.02 (+0.93) (+3.71%) Brent => $33.86 (+1.02) (+3.11%)
Russia and Saudi Arabia agree deal on oil output cuts: Report OPEC members are on Thursday set to discuss 'deep cuts' of up to 20 million barrels per day By MEE and agencies Published date: 9 April 2020 14:40 UTC Last update: 18 min 21 sec ago
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
Leoleo
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