This morning, New York crude oil futures for WTI fell by -0.04% to $ 48.20 and Brent oil futures were down -0.47% to $ 50.65 per barrel. Thus, the black gold has slightly decreased in value, correcting the recent rise amid expectations of the largest manufacturers to restore the balance of supply and demand. At the OPEC president saidi last week that the cartel plans to hold an informal meeting on the sidelines of the International Energy Forum in September. Later, Saudi Arabia and Russia have also expressed their willingness to participate in a coordinated action to support the market. At the same time, some traders are skeptical of the success of this meeting, in particular, the possibility of freezing the cartel’s production.
The post Oil correcting after strong growth appeared first on forex-analytics.press.