News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
Real Time News
  • The Hang Seng Tech index tumbled 5.4% amid intensified fears about China's regulatory risk on various sectors. - Tencent (-6.2%) - Alibaba (-5.0%) - Meituan (-13.9%) - Hang Seng Index (-2.5%)
  • The continuity seen across these volatility cycles is a good thing. Historical precedence offer a blueprint for identifying conditions supportive for a vol-event to occur, and how they may unfold. Deepen your knowledge of historical volatility here: https://t.co/vg7w10la3j https://t.co/A0w6mhPMvH
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.33%, while traders in Wall Street are at opposite extremes with 79.17%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/AY4wL5b1NV
  • Risk management is one of the most important aspects of successful trading, but is often overlooked. What are some basic principles or risk management? Find out from @PaulRobinsonFX here: https://t.co/IsnpfJhp91 https://t.co/NrcUfXKP8J
  • Forex Update: As of 04:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.16% 🇬🇧GBP: 0.05% 🇪🇺EUR: 0.00% 🇦🇺AUD: -0.02% 🇨🇭CHF: -0.03% 🇳🇿NZD: -0.06% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/UwJz4Gv6hT
  • Indices Update: As of 04:00, these are your best and worst performers based on the London trading schedule: France 40: 0.12% FTSE 100: -0.02% Germany 30: -0.04% US 500: -0.16% Wall Street: -0.16% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/cGDe8jiSqf
  • Forex sentiment analysis can be a useful tool to help traders understand and act on price behavior. Learn how to get the most out of understanding trader sentiment here: https://t.co/rJznrXkcYz https://t.co/ne0HPR7lO2
  • China considers levies on steel exports to tame domestic prices - BBG
  • Emotions are often a key driving force behind FOMO. If left unchecked, they can lead traders to neglect trading plans and exceed comfortable levels of risk. Read on and get your emotions in check here: https://t.co/eILWbFgHRE https://t.co/lS2YP1HLe5
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.19% Gold: -0.06% Silver: -0.28% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/KmaQV410F5
Breaking: Oil Prices Jump as OPEC+ Agree Oil Production Increase

Breaking: Oil Prices Jump as OPEC+ Agree Oil Production Increase

Justin McQueen, Analyst

Crude Oil Price Analysis & News

  • Oil Prices up 2% on OPEC+ production deal, according to sources
  • Proposal to Boost Oil Production by 400kbpd/month vs 500kbpd expected

OPEC+ will convene today for the 181st OPEC meeting as well as the 18th OPEC and non-OPEC ministerial meeting. The focus will be on setting production quotas going forward from August, while there is a possibility that OPEC+ make a mention on whether to extend production cuts beyond April 2022.

At the time of writing, OPEC sources have stated that there is a proposal for a modest increase in oil production of 2mbpd between August and December, with the monthly figure at 400kbpd. In reaction to the source reports, oil prices rose to session highs with Brent crude futures nearing $76/bbl.

This proposal is slightly less than the market consensus, which had been for 500kbpd from August. Keep in mind, that with demand projected to outstrip supply by circa 1.9mbpd, the oil market is still likely to remain tight with recent Iran Nuclear talks on pause and thus extending the time before Iranian oil comes back online. In turn, this keeps risks tilted to the upside, raising the likelihood of oil prices reaching $80/bbl.

Heading into the meeting, Russia had once again vocalised their desire to boost oil production, preferring to increase supply around 500kbpd-1mbpd, while Saudi Arabia’s Energy Minister continues to go down the path of remaining cautious in raising production with the spread of Covid variants remaining a concern. However, in light of these sources, it would appear that Russia has sided with the cautious approach.

That being said, during OPEC decisions days, it is not uncommon for a plethora of source reports to do the rounds across newswires as well as on social media with #OOTT on Twitter being the primary location for oil commentary. Therefore, it will be important to follow OPEC watchers on Twitter, such as Amena Bakr and Javier Blas who are invaluable during these OPEC meetings.

Today’s Timeline

  • OPEC ministers gather at 1200BST
  • OPEC+ JMMC meeting is at 1430BST
  • OPEC+ ministers gather at 1600BST

Brent Crude Oil Chart: Intra-Day

Breaking: Oil Prices Jump as OPEC+ Agree Oil Production Increase

Source: Refinitiv

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES