OctaFX | OctaFX Forex Broker
Open trading account
Back

OPEC deal far from certain - Goldman Sachs

OilPrice.com is reporting that Goldman Sachs believes the outcome of OPEC’s meeting with its partners in the oil production cut this Thursday is uncertain.

“The push for a nine-month extension, four months before the cuts end and given an accelerating rebalancing further stands in the face of prior comments that the cuts should remain data dependent to assess their effectiveness,” says Goldman Sachs commodity research desk.

It adds further even if the OPEC and Russia agree to a six-month extension of the output cut deal instead of nine months, still oil prices could rise.  

The cartel meets this Thursday to discuss a possible extension of the output cut deal that has already pushed Brent futures structure into backwardation. 

EUR/USD - Focus on German CPI, risk reversals retreat on bearish price action

Inflation differential is set to hog the limelight today. German preliminary data due at 13:00 GMT is expected to show the cost of living as represent
Read more Previous

GBP/USD: Will it regain 1.3400 on Brexit progress?

Having hit the best levels in two months at 1.3387 in the overnight trades, the GBP/USD pair dropped sharply, hitting a low of 1.3336 in the Asian ope
Read more Next
Start livechat