Oil Prices Starting The Weak on a Weaker Form Than Last Session

Trade Magnates - Oil prices started the week on a lower note on Monday as expectations for an OPEC extension of output cuts has been decreased. WTI crude futures fell to $56.60 a barrel while Brent crude futures dropped to $62.55 per barrel.

Oil prices fell as investors fear that rising US oil output may weaken OPEC efforts to cut off the excessive production, additionally, Russia is hesitant to support further extension to the cut off agreement.

Investor eyes are on the end of the month,30 Nov, meeting during which OPEC and non-OPEC countries energy ministers will discuss the production plan and possible decreases in production. The current agreement was extended for a period of nine months to reduce oil production by 1.8 million barrels per day.

#Oil #Commodities #Brent #WTI #OPEC #US #Russia #OilProduction

  • Trade Magnates on Facebook
  • Trade Magnates onTwitter
  • Trade Magnates YouTube Channel
  • Trade Magnates on LinkedIn

© 2019 Trade Magnates. All Rights Reserved

Risk Disclosure: Trade Magnates will not accept any liability for loss or damage as a result of reliance on the information contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible. Currency trading on margin involves high risk, and is not suitable for all investors. Before deciding to trade foreign exchange or any other financial instrument you should carefully consider your investment objectives, level of experience, and risk appetite.
Trade Magnates would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Hence, Trade Magnates doesn’t bear any responsibility for any trading losses you might incur as a result of using this data.

Please be also aware that any content in relation to trading signals, technical analysis or any similar information/content, may not be accurate and you should seek multiple information and make your own trading decisions. 
Contact us: Location: United Kingdom