Oil prices have swung towards both sides today, due to the uncertainty that the OPEC+ meeting created, and as the US election is coming closer and closer.
OPEC's Secretary General has said that the OPEC+ alliance will ensure oil prices do not plunge steeply again when it meets to set policy at the end of November.
Oil prices are fluctuating around Tuesday’s levels today on mixed signals from the IEA and on anticipation of the OPEC+ upcoming meeting.
Oil prices edged down today as, while Covid-19 infections continue to multiply, the market did not receive any bullish surprise from the OPEC+ meeting, while it realised non-compliant members still had way to go to compensate for their overproduction.
Oil prices fell on Friday as traders corrected the extravagant gains of this week, pricing in concerns over Covid-19’s effect on the demand recovery.
Oil prices rose a bit today, correcting some of yesterday’s losses, which were more a sign of shock on economic collapse figures. Nevertheless, traders brace for August, a month of returned production from OPEC+ amid stalled demand recovery.
Oil prices are falling today, with traders ignoring yesterday’s US crude stock news and acknowledging Covid-19’s threat to the demand recovery, while waiting for OPEC’s returned production to hit the market again.
Paola Rodriguez-Masiu, Senior Oil Markets Analyst at Rystad Energy, has commented on what yesterday's OPEC+ meeting may mean for oil prices.
Oil prices fell as the market expects OPEC+ to lower production curtailments, while Covid-19 slows demand recovery.
Oil prices rose this morning, reversing earlier losses, as a crude stockpile relief in the US, still inspires market confidence.