Oil market prices are heading turmoil with recent fundamental activities.
This article is originally referred from Orbex Market Preview.
The markets return to some normalcy next week with only the Swiss National Bank and the Bank of England expected to hold their monetary policy meetings. No changes are expected at this week’s meetings from either of the central banks.
On the economic front, Canada’s monthly inflation figures will be coming out on Friday.
Earlier in the week, New Zealand will be reporting on its quarterly GDP figures.
OPEC’s semi-annual meeting
Members of the OPEC group including Russia are expected to meet in Vienna for a mid-year review of crude oil production.
Although no major decisions are expected at this week’s meeting, the question about whether Saudi Arabia will bridge the supply gap due to Iran’s limitation on oil is likely to be a key debate for officials.
Ahead of the meeting, the U.S. President Donald Trump tweeted that he wanted OPEC to increase production.
He said that oil prices were too high and blamed the OPEC nations for monopolizing oil prices.
Crude oil prices were seen rising by nearly 60% since the last year. In 2017, OPEC and Russia agreed to limit crude oil production.
While oil production at the current levels are expected to run until next year, the plan beyond that is unclear making the outlook for oil prices uncertain for the year ahead
Original Source: Orbex Market Preview