OctaFX | OctaFX Forex Broker
Open trading account
Back

Oil prices edge higher ahead of OPEC meeting

FXStreet (Córdoba) - Oil prices turned higher on Monday and recovered sharply from below $42.00 a barrel helped by speculation the Organization of the Petroleum Exporting Countries (OPEC) might cut production to lift prices when it meets on Friday.

Crude oil rose 1.87% to $42.50 a barrel, having bounced from a low of $41.50 a barrel scored earlier on the day.

OPEC will meet on Friday to review its production strategy. With oil prices falling to 5-year lows amid global supply glut concerns, a stronger USD on prospects of a Fed rate hike, some investors speculate the OPEC could opt to cut output to help lifting prices.

NZD/USD extends gains, approaches 0.6600

NZD/USD rose further during the American session on the back of a decline of the US dollar across the board and a recovery in commodity prices. The pair peaked at 0.6588, the strongest level since last Thursday.
Read more Previous

United States 3-Month Bill Auction rose from previous 0.14% to 0.215%

United States 3-Month Bill Auction rose from previous 0.14% to 0.215%
Read more Next
Start livechat