FXPremiere News on Oil: Noise around OPEC also non-OPEC
Oil: Noise around OPEC also non-OPEC
Forex News on OIL
Oil: Noise around OPEC also non-OPEC by FxPremiere Group. The OPEC/non-OPEC meeting (7-8th August 2017 ) is expected to see compliance by members with the current supply cut accord, points out Mr Viraj Patel, Research Analyst at ING.
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Forex Signal Crude Oil Prices May Fall Further
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- Crude oil prices drop on API inventory data.
- Gold prices short on intra-day drop after JOLTS report.
- DOE inventories report
- Crude oil prices build on overnight losses suffered at the hands of a recovering US Dollar after API reported the largest weekly inventory build in three months.
- An EIA report upgrading the 2018 output forecast to 9.50m from 9.7m barrels per day projected in January 2017 probably didn’t help issues.
“This comes after the latest IEA report warned that higher output in June by OPEC countries bound to the production cuts had lowered compliance to 79%, while non-OPEC output cut compliance stood at 83%. OIL Noise around the meeting will occupy the attention of P E T R O FX, but the big picture story remains the same: oil prices stuck in the $45-$55/bbl range – with US shale producers increasing supply and hedging activity when prices reach the top of this range – will not be a game-changer petro FX.”
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