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Oil ignores the Iran bombings...waiting for OPEC's word
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Economy News-Baghdad
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Added 01/30/2023 - 1:55 PM
Updated 01/30/2023 - 2:39 PM
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Economy News-Baghdad
After limited gains in early trading, oil prices turned around today, Monday, due to the tensions in Iran, and oil prices turned to decline during these moments, before the scheduled OPEC meeting in early February.
This comes while the broader market is awaiting the results of the US Federal Reserve meeting, to price the dollar's strength in the coming period in light of signs of slowdown in the tightening policy, coinciding with monitoring supply and demand expectations and the recovery of the Chinese economy.
The strong dollar raises the cost of owning assets, and in the oil market the cost of purchasing, transporting and insuring crude for consumers increases, which limits the increase in demand.
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Oil prices fell today, Monday, giving up previous gains, with expectations that the world's major producers will keep production unchanged during an upcoming meeting this week due to the Fed's volatility.
Brent crude futures fell during these moments of Monday's trading in the range of 0.9%, or the equivalent of $0.8 per barrel, down to a level near $87.
On the other hand, the American Nymex light crude fell during these moments of trading today, Monday, within the range of 1%, or the equivalent of $0.7 per barrel, down to levels near $79.
Views 32
Added 01/30/2023 - 1:55 PM
Updated 01/30/2023 - 2:39 PM
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