country flagالعربية

Oil stability after Barkindo comments on the positive market reaction to the OPEC meeting

2019-03-19 08:16 am | Resource: News | No Views : 122

 Oil prices stabilized during morning trade on Tuesday amid optimistic comments from OPEC and Russia on compliance with a production cut agreement to curb supply overshooting.

Barkindo: Market reaction positively on OPEC meeting +

The Organization of Petroleum Exporting Countries (OPEC) Secretary-General Mohamed Barkindo said on Tuesday that the oil market was reacting positively to yesterday's meeting of the OPEC-OPEC ministerial oversight committee in Baku. JMMC said all participating countries had pledged to cut production cuts "in the coming months" and decided to cancel the April meeting in Vienna and instead set a date for June in Jeddah, Saudi Arabia.

With regard to the United States, Barkindo said any sanctions imposed by Washington on OPEC would be "counterproductive" and added that the NOPEC would not serve the interests of the United States. The NOPEC bill was supposed to remove state immunity and pave the way for the United States to sue OPEC and its national oil companies under the US antitrust law on the basis of limiting global oil supplies. Barkindo also said the oil shale industry in the United States was "challenging its own production expectations."

In dealing with other issues, Barkindo said it would be "virtually impossible" to cut Iranian oil imports to zero as planned by the United States

The markets are also looking for data on US crude oil inventories released by the American Petroleum Institute today and an official released by the Energy Information Administration on Wednesday,

 Oil contracts
  •  WTI crude futures fell 0.14% to $ 59.02 a barrel at 8:20 am CET.
  •  Brent crude for May delivery settled at $ 67.58 a barrel after closing the London session at $ 67.54 a barrel.

Other analysis

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…

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 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.