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Oil is declining on the eve of the OPEC+ meeting


November, 02 2021
watermark Economic news

On Tuesday evening, world oil prices are declining ahead of the results of the OPEC+ meeting scheduled for Thursday. The markets are waiting for the organization's decision on the further parameters of the energy deal – whether the current conditions will be maintained or production will be increased. 


The current Brent quote is $84.33 per barrel, WTI oil fell to $83.22 per barrel. 


Analysts note that despite growing pressure from major oil-consuming countries such as the United States, India and Japan (which are calling for an increase in oil production), OPEC+ has not yet shown any signs that it is ready to decide on any changes.


Market participants are also waiting for statistics on crude oil reserves in the States, from the American Petroleum Institute and the US Department of Energy. Analysts predict an increase in oil reserves over the past week by 1.6 million barrels.


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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.