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Oil traded higher on expectations of a cut in OPEC output

2019-06-10 07:18 am | Resource: NEWS | No Views : 23

Oil traded higher on expectations of a cut in OPEC output
 
Crude oil prices traded in the Green Zone on Monday, as market watchers were hoping Opec would expand + production cuts to balance the oil market.

On Friday, Iraqi Oil Minister Thamer Ghadhban said that the organization and other partners who had gathered around the OPEC + "most likely" initiative would extend the cap agreement until the end of 2019.

At the same time, Russian Energy Minister Alexander Novak said after meeting with his Saudi counterpart Khalid Al-Falih that the two countries "have an identical understanding" of the situation in the world oil market and agreed to coordinate their decisions on reducing production.

At the same time, investment incentives were boosted after the United States and Mexico announced that Washington would not impose a 5% tariff on Mexican imports and avoid a new trade war.

Iran: EU does not take steps to save nuclear deal

On the other hand, the Iranian Foreign Ministry accused the European Union of not taking sufficient measures to save the Joint Comprehensive Action Plan (JCPOA) of 2015, also known as the Iranian nuclear deal.

"So far, we have not seen practical and tangible steps from the Europeans to ensure Iran's interests," said ministry spokesman Abbas Mousavi. "Tehran will not discuss any issue beyond the nuclear agreement ... The EU is not in a position to hold Iranian issues beyond the nuclear deal," he said.

The future of JCPOA has been uncertain since the United States withdrew from the deal last year and was questioned after Iran suspended some of its obligations under the agreement in response to Washington's actions, as well as the failure of European signatories to find a way to circumvent US sanctions. Later in the day, Iranian Foreign Minister Mohammad Javad Zarif will meet with his German counterpart Haikou Mas to discuss the joint work plan.

Oil contracts
  • The WTI crude for July rose 0.56%, trading at $ 54.29 a barrel at 7:35 am CET.
  • While the Brent international index of settlements in August rose 0.46% to trade at 63.57 dollars at 7:49 am Central European ..


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Best Opportunities, Vision and Technical Analysis for The Oil 17 April 2019

(CURDE OIL - WTI ) We offer you oil analysis denominated by US dollar on Wednesday, April 17, 2019, with the most important forecast for the price of oil denominated by US dollars in the market. Time frame Used - four hours Oil is moving in a sideway direction in the near term. The purchasing power managed to push oil higher to close at the end of trading today, rising…

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