country flagالعربية
0

Oil is retreating and a trend within OPEC by ignoring the United States

2018-12-06 07:21 am | Resource: News | No Views : 39



 Oil prices fell on Thursday as investors awaited the outcome of the OPEC meeting in Vienna to decide on production policy, with the possibility of reaching an agreement on reducing supplies.

After OPEC members meet today, they are scheduled to meet Friday with non-OPEC allies, including Russia.

OPEC + Ignores the United States But the talks have not taken place

The Organization of the Petroleum Exporting Countries (OPEC) and the Russian-led producer bloc plan to cut volumes and support prices despite protests by US President Donald Trump, according to information obtained by the Financial Times.

"I hope OPEC will keep oil flows as they are and not constrained," US President Donald Trump said in a tweet via Twitter. "The world does not want or does not need higher oil prices."

Negotiations are under way in the framework of the so-called OPEC Committee + the Joint Ministerial Committee which met today in Vienna ahead of the FAO summit, the news agency reported on Wednesday. Representatives of the Commission argued that an agreement had been reached, but failed to convince the markets where few details were provided.

The article reveals that Brian Hawk, the US special representative to Iran, held a brief meeting in the Austrian capital with Khaled al-Faleh, the Saudi minister of energy, industry and mineral resources, the OPEC's de facto leader.

Where the envoy coordinates sanctions and pressure against the government in Tehran. Initially led to fears of a shortage of crude oil supplies, but has pushed other members of the Group of 15 nations to put higher national quotas at Iran's expense and still respect the joint commitments in nominal terms.

  • Brent crude for February delivery fell 0.8% to $ 61.04 a barrel at 8:05 am CET.


Other analysis

OIL Technical analysis 14 December 2018

Time frame Used - four hours Oil is moving in a sideway direction in the near term. Oil is still facing resistance and selling pressure around levels of 52.66 - 54.54. In view of the technical indicators Both the RSI and Stochastic are indicating to weakness of the indicators. Therefore, we expect that the oil will test the level of 50.00 dollar, which by breaking it down will target the…

More analysis

Best trading brokers

All Rights Reserved
Risk Disclaimer: Trading in foreign exchange market (Forex) includes the risks and the possibility of loss. That is why we are keen on providing the highest quality news and analysis concerning the different markets traded. The opinions expressed in the site indicate the opinion of the author only and not the views of the administration or the public, knowing that errors could be encountered and there is a possibility to commit them. Before starting to trade you should carefully consider your investment objectives, and review the level of experience and risk appetite. In some cases, possible high leverage can lead to loss of funds invested, so you can not invest money that you can not handle its possible loss. You should be aware of all the risks associated with foreign exchange trading and seek for advices from an independent financial advisor if you have any doubts.TradingPekk.com does not assume any responsibility after the occurrence of financial loss to the dealer and the user carries full responsibility for the losses resulting from the use of news, analysis and data on the site.