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Investors are waiting for the OPEC meeting

Investors are waiting for the OPEC meeting.. Negative dealings in Japan

Investors are waiting for the OPEC meeting.. Negative dealings in Japan

Investors are waiting for the OPEC meeting.. Negative dealings in Japan: Today, stock exchanges in the United States of America are closed because of Remembrance Day, while the rest of the stock exchanges continue to trade normally around the world, as the Nikkei index fell slightly.

 

In the commodity trading market, gold remained stable, while oil rose slightly.

 

With Evest, we follow all the developments in the trading arena up-to-date.

 

The oil market is awaiting OPEC’s meeting tomorrow

At the start of this week’s Asian trading session, today, the price of the Brent oil contract rose by 0.1% to reach $68.79 a barrel.

In the meantime, the price of West Texas Intermediate crude rose by 0.2% to a record $66.45 a barrel.

 

The world price of crude oil has continued to show a positive trend since the beginning of 2021.

Since the start of this year, it was still around $50 a barrel, precisely $53.54 a barrel for Brent and $50.01 for a barrel of West Texas Intermediate on January 5, 2021.

Now, both oil prices have already reached more than $65 a barrel.

 

The previous highest oil price occurred in March 2021.

The price of Brent oil was $68.68 a barrel on 12 March 2021, while West Texas Intermediate oil recorded $66 a barrel on 11 March 2021, but then in early April, it fell and rose again as of mid-April 2021.

 

The increase in world crude oil prices was driven by an improvement in the outlook for global oil demand.

waiting for the OPEC

On the other hand, investors are waiting for the OPEC + meeting.

According to analysts, the issue of oil supply from Iran remains in the background.

 

OPEC member states will meet on the 1st of July (tomorrow) to assess the situation in oil markets and determine production policy in the near future.

 

Investors expect OPEC and its allies to abide by their previous decisions to increase oil supplies in July.

According to some Reuters analysts

According to some Reuters analysts, the best course of action for OPEC + tomorrow may be to maintain a steady pace of supply growth.

 

OPEC + ministers want to discuss their production policy on Tuesday.

Analysts assume that the policy of gradual expansion of production will continue.

An agreement in the Iranian nuclear deal controversy could become a problem for OPEC because in this case, it would be possible to reduce sanctions and increase the supplies of oil from Iran.

 

Recent waves of Coronavirus disease and the slow pace of Covid-19 vaccination suggest that there will be a very gradual recovery from the epidemic during the second half of the year.

 

Recovery in oil demand in some regions of the world – including the United States, China, and some parts of Europe – at the same time, affects the increase in gas prices, but in the background, there are fears that negotiations between Tehran and the world powers – On the revival of the 2015 nuclear agreement could lead to the lifting of the United States sanctions on Iran and the growth of Iranian oil exports.

 

Under the 2015 agreement, Iran had to reduce the production of enriched uranium, and world powers had to lift economic sanctions against Iran.

A Russian envoy of the United Nations

A Russian envoy of the United Nations for talks with Iran in Vienna tweeted that there was an agreement among the parties involved in the talks that “the current round of negotiations with Iran must be final”.

 

On the other hand, rising oil prices are supposed to help the shares of Royal Dutch Shell to get on their feet.

For now, the court’s latest ruling continues to press the course.

 

Oil and Natural Gas Company lost a major climate lawsuit against environmental protection organizations, and according to the ruling, it has significantly reduced CO2 emissions.

 

Last Wednesday in Hague, the court said that Shell should reduce CO2 emissions by 45% by 2030 compared to 2019.

 

According to the judgment, the British – Dutch group is committed to climate protection,
which applies to its companies as well as to suppliers and end-users.

 

The strong development of oil prices clearly plays an important role in the group papers,
but the court’s judgment represents a burden.

 

Gold is slightly rising

The price of gold on the spot market was set at $1905, while the price of silver reached $27.96 an ounce.

In all cases, the courses were slightly higher than Friday’s closing session.

 

The last trading day in May will now take place without Us participation.

Because of Remembrance Day, exchanges are closed in the United States of America.

 

DAX is stable

Since the start of trading, the main index of the German economy has
declined to 15,469.84 points and it is currently 0.25% worse than the previous trading day.

 

Compared to the year’s highest level on May 25, the main indicator has lost 0.56%of its value so far.

The DAX index oscillation range was 29.80 points up to this time point.

The main index is currently 0.25 % weaker than the previous trading day at 15481.09 points.

 

Profit-making falls on the Japanese Nikkei index

Today, the Tokyo Stock Exchange closed a session dominated by profit-making after last week’s gains,
as investors waited for several indicators so as to measure global economic recovery.

 

The Nikkei index decreased by 0.99% to reach 28860.08 points and the border
Topix index lost 1.26% to reach 1922.98 points.

 

The Nikkei index has risen by 2.9% over the last week as a whole.

 

In Hong Kong, the Hang Seng index declined by 0.56% around 6:40 a.m. GMT.

The Shanghai and Shenzhen Stock Exchanges rose shortly before closing.

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