WTI fell below $70/bbl on May 30th due to concerns over tensions between Saudi Arabia and Russia, worries over the debt ceiling deal passing by June 5, and uncertainty regarding OPEC+ production cuts.
On the back of unexpected OPEC+ production cuts, Oil and related stocks have gained renewed momentum this week.
As OPEC+ maintains production cuts, the G7 price cap comes into effect, Oil prices rise, and China loosens COVID restrictions.
Speculations that an OPEC+ production increase could be in the cards for December pushed petroleum prices down yesterday, before Saudi refutations boosted a recovery.
Videos & Articles help you expand your trading knowledge.
Our Economic calendar helps you explore global market events.
Understand the full costs of your trades now for better expense management later.
This information is written by Plus500 Ltd. The information is provided for general purposes only, and does not take into account any personal circumstances or objectives. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, if necessary, seek professional advice. No representation or warranty is given as to the accuracy or completeness of this information. It does not constitute financial, investment or other advice on which you can rely. Any references to past performance, historical returns, future projections, and statistical forecasts are no guarantee of future returns or future performance. Plus500 will not be held responsible for any use that may be made of this information and for any consequences that may result from such use. Hence, any person acting based on this information does so at their own discretion. The information has not been prepared in accordance with legal requirements designed to promote the independence of investment research.
Hi! You've reached our website for customers based outside of the United States.
Make the move to Plus500US in order to start your Futures trading journey!