MARKET VIEW
Weekly changes: XBRUSD -0.11%
The price of XBRUSD moved above the 63.00 USD level this week after OPEC members agreed to start increasing oil output over the next few months gradually. OPEC ministers had decided to hold production back by around 8 million barrels per day over recent months due to fears about oversupply and lack of consumption globally.
The news that OPEC would attempt to increase oil output by around 350,000 barrels per day over the coming months was seen as a bullish bet on the global economy. As the vaccine rollout continues, oil demand would increase as developed economies and travels go back to normality.
KEY POINTS
Oil demand boosted by the highest number of flights since COVID started. Rising numbers of air travellers could help global aviation fuel demand, which the pandemic has hit the hardest with international flight restrictions and quarantines.
Saudi Arabia raised prices for oil shipments to customers in its primary market of Asia, signalling the kingdom's confidence in the region's economic recovery.
Subscribe to #MoneyLifeResearch #ForexSignals #BestForexSignals Live Forex Signals
No comments:
Post a Comment