Forex Marketz Daily Forex News – Fully Markets Update
Crude oil prices were higher during the morning hours of the Asian trade session on Tuesday. Traders are waiting on the Organization of the Petroleum Exporting Countries (OPEC) and non-member allies known as the OPEC + to agree to an extension with production constraints.
This decision is due later this week as OPEC is meeting in an online conference call.
As of 12:10 am GMT, the international Brent crude oil futures contract added 0.3 percent or 12 cents to trade at $38.44 per barrel.
The Brent contract has seen its price double over the last six weeks.
The U.S. West Texas Intermediate (WTI) crude oil futures contract, for front end delivery, traded around the flat line in a narrow price range this morning. This contract was last up nine cents to trade at $35.53 a barrel.
OPEC continues to Support the Price of Crude Oil
Oil has been on the rise since the Organization of the Petroleum Exporting Countries and non-member allies led by Russia, agreed to a historic reduction in production for the months of April and May.
With that said, oil prices are still down about forty (40) percent this year.
The OPEC + group is considering extending the agreement to cut 9.7 million barrels per day into July or August, They are scheduled for an online meeting on 4 June.
Traders watch Developments between the U.S. and China
There are developments between the United States and China as political tensions continue to simmer. These are being closely watched by investors today.
China has instructed state owned firms to not buy agricultural products from the United States. This includes soybeans and pork. This comes after President Donald Trump said that his administration would take measures to end eliminate Hong Kong’s special treatment.
Beijing has approved a controversial national security bill for the city state and the U.S. is saying that Hong Kong’s independence is in jeopardy.
