Last: 
Global Crude Oil Prices Lower Due to the Impact of Lockdown in China Ahead of OPEC+.
Crude oil or world crude oil is currently at its lowest level in a year. WTI (West Texas Intermediate) futures fell below US$ 74 / barrel while Brent was also seen below around US$ 82 / barrel.
China continues to pursue a zero-COVID-19 case policy that is considered a hindrance to economic growth in China. As a result of this policy, there have been massive protests in China. On Monday night, police took action to prevent demonstrations. According to reports, authorities are conducting strict identity checks on residents both inside and outside the location around the demonstration. The country with the second largest economy in the world is experiencing a slowdown and has an impact on world crude oil prices. OPEC+ will be held on Wednesday and later there will be several opinions to be considered regarding production cuts that are more than previously marked.
OPEC+ Organization's Goal Is to Raise World Crude Oil Prices
OPEC+ previously planned to cut crude oil production by 2 million barrels per day. That announcement may prove difficult to achieve given the cartel and its allies are unable to meet their current targets. Asia-Pacific trade has seen crude oil prices weaken with Fed Reverse speakers James Bullard, John Williams and Lael Brainard. There are three main themes that the three council members will discuss. Last week saw WTI and Brent futures fall into Contango. Contango occurs when the contract closest to settlement is priced lower than the price at which the contract was settled. This highlights the market’s willingness to accept some deliveries later, rather than sooner.Get Your Dream iPhone 14 Pro Max Here!
That is the information we share regarding the development of world crude oil. Keep updating information related to investment and forex trading, you through the GIC journal every day. You can also trade through the GICtrade application with the new ECN account feature, enjoy your trading with the lowest spread price starting from 0 Rupiah! You also have the opportunity to get a chance to win billions of Rupiah without being drawn through the GIC Gebyar Hadiah.
