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OPEC Meeting With High Anticipation
Sunday’s virtual meeting of OPEC nations was highly anticipated because there was no clear indication whether the cartel would maintain its current quotas or take steps to cut output to support prices. OPEC’s supply cuts have helped stabilize the market.Crude Oil Prices Hit Today's Highest Value, US Dollar Weakens!
Crude Oil China- China's Actions in Easing Lockdown
Meanwhile, it raises high hopes for crude oil demand. China's Vice Premier Sun Chunlan announced that China may be ready to change its Zero-Covid policy. Shanghai, Guangzhou and several other regions have lifted quarantine regulations even as cases continue to rise.
TD Securities analysts said crude oil demand has declined under stringent measures to contain the pandemic, creating implied crude oil demand. Currently, there are 13 million barrels per day (mb/d) 1 mb/d and lower than the average. TDS analysts expect demand from China National Petroleum Corp to fall by 2% in 2022. They also expect demand to rise to 2.1% next year as restrictions ease.
US Crude Oil - US Dollar Slips Further on Dovish Fed
Far from the fundamentals of the oil industry, and for WTI made cheaper for the market due to the US dollar falling which caused speculative bids in crude oil. Fed Chairman Jerome Powell in his speech on Wednesday said that the Fed could moderate future interest rate hikes and will hold an FOMC meeting later this month.That is the information we provide for you regarding crude oil. Update various interesting information about the Forex world through the GIC journal every day. Of course, you can also trade on the GICTrade application with the latest ECN account feature, enjoy trading starting from 0 Rupiah with the lowest spread! You can also have the opportunity to win billions of Rupiah in prizes without lottery conditions through the GIC Gebyar Hadiah.
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