Oil price forecast. OPEC shows intentions, while oil tries to return to 95-100

Posted 06 September, 2022

The OPEC+ summit agreed to cut oil production by 100,000 barrels per day in October. Against this backdrop, Brent oil prices accelerated growth yesterday, the November futures rose above $ 96 per barrel. However, we note that this agreement is simply a return to August production quotas and not a new additional reduction. The next meeting of the alliance will take place on October 5, but it is stated that the meeting can take place at any time, if necessary. The actions of OPEC + are interesting given the plans to return Iranian oil to the market.

Interim results are expected on 14 September. We believe that the announced reduction, as before, is symbolic and has little effect on the balance of the oil market, however, it shows a certain position of OPEC+. Stock statistics from the American Petroleum Institute and the US Department of Energy will be released with a one-day delay due to yesterday's Labor Day in the US. Today we are waiting for oil attempts to gain a foothold above 95 dollars per barrel.

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26 September, 2022 11:04

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On Monday, the British currency fell 5% against the dollar to hit 1.0327, a historic low.

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06 September, 2022 07:22

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FOREX forecast GBP/USD: bearish trend is not broken
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