OctaFX | OctaFX Forex Broker
Open trading account
Back

Saudi Energy Minister: Kingdom and other OPEC+ producers can act to support oil markets if needed

Early Monday morning in Asia, Saudi Arabia’s Energy Minister crossed the wires while reiterating the ability of the Organization of the Petroleum Exporting Countries (OPEC) and other ally countries, mostly known as OPEC+, to support oil markets if needed.

Key quotes

Closely monitoring developments in the global oil market resulting from 'gloomy expectations' about the impact of new coronavirus.

The current impact on the oil market is currently driven by 'psychological factors' and expectations despite the currently limited impact on global demand.

The kingdom and other OPEC producers have the capability and flexibility if needed to respond.

FX implications

While energy traders are waiting for the oil markets to open for Monday, global risk-off keeps the Japanese yen and the US dollar (USD) well in demand. News like this might try to placate the oil bears at the open. The last week’s close to WTI was near $54.20.

Trump administration expanded its trademark steel and aluminium tariffs – Bloomberg

Adding to the global risk-off, Bloomberg came out with the news that the Trump administration extended its umbrella of aluminum and steel tariffs to c
Read more Previous

GBP/JPY Price Analysis: Monthly support trend line in focus

GBP/JPY nosedives to 142.40 amid the initial Asian trading session on Monday. In doing so, the pair slipped beneath 61.8% Fibonacci retracement of its
Read more Next
Start livechat