OctaFX | OctaFX Forex Broker
Open trading account
Back

OPEC's Barkindo: Economic and oil demand recovery remain anemic

"The economic and oil demand recovery remain anemic," the Organization of Petroleum Exporting Countries (OPEC) Secretary-General Mohammad Barkindo noted on Monday, as reported by Reuters.

"We do not expect a relapse to massive contraction we saw in the second quarter," Barkindo added. "The conformity level has averaged 100%, we are determined to continue adherence."

Market reaction

Crude oil prices struggle to stage a meaningful rebound after these comments. As of writing, the barrel of West Texas Intermediate (WTI) was trading at $38.75, losing 2.4% on a daily basis.

EUR/USD Price Analysis: The 55-day SMA holds the downside…for now

The upside momentum in EUR/USD appears to have met a decent barrier at monthly highs in the 1.1880 region (October 21). The continuation of the side-l
Read more Previous

NZD/USD reinforces the upside risks with medium-term resistance at 0.6778/6806 – Credit Suisse

NZD/USD closed above the top of its recent range at 0.6682 on Friday, which should trigger a short-term base to open up a move back to medium-term res
Read more Next
Start livechat