Oil continues its rise, OPEC meeting in focus

19.06.2019 / 02:33

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Oil is still rising, having already recorded its strongest growth in five months. The rise in "black gold" prices comes amid the upcoming meeting of OPEC and their allies. It speculates that it will take place on July 1 and 2 in Vienna. The Cartel is expected to agree to a new extension of this agreement to reduce yield. Moreover, the cost of the energy resource also found support after renewed hopes by the ECB for additional incentives that would revive demand.

At the end of the US session, the API data on oil stocks also showed smaller inventory, which further strengthened the price, with the WTI ending the session with a 4.6% growth.

Rising on sentiment and rising oil also contributed to the news that Trump and Xi will meet in Japan next week at the G20 Forum to restart the trade negotiations currently in place.

Source: Bloomberg Finance L.P.

Graphs: Used with permission of Bloomberg Finance L.P.

Trader Martin Nikolov

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Oil continues its rise, OPEC meeting in focus

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