Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.

2021

Best News & Analysis Provider

FxDailyInfo

2022

Best Forex Educational Resources Global

International Business Magazine

Insights

News

Commodities

WTI extends gains to near $79.50 as OPEC+ decided to extend oil output cuts of 2.2M bpd

Source Fxstreet

WTI price edges higher on extension of oil cuts by OPEC+.
OPEC+ decided to extend oil output cuts of 2.2M million bpd into the Q2.
Russia's announced to cut oil output and exports by an additional 471,000 bpd.
Iran-led Houthis vowed to continue targeting British ships following the sinking of the UK vessel Rubymar.

West Texas Intermediate (WTI) oil price edges higher to near $79.50 per barrel on Monday, following the decision of voluntary oil output cut, made in coordination with some OPEC+ participating countries, including Russia, aiming at addressing concerns about oversupply and stabilizing oil prices.

The Organization of the Petroleum Exporting Countries and its allies (OPEC+) decided to extend voluntary oil output cuts of 2.2 million barrels per day (bpd) into the second quarter, aligning with market expectations. This decision is attributed to support the oil prices amid global economic concerns and rising output outside the group.

Russia's announcement to cut its oil output and exports by an additional 471,000 bpd in the second quarter is significant news for the oil market. By reducing oil output and exports, Russia is signaling its commitment to supporting efforts to balance the global oil market. This move could potentially help alleviate some of the downward pressure on oil prices.

The broader geopolitical tensions and conflicts in the Middle East is underpinning the Crude oil prices. The sinking of the United Kingdom (UK) owned vessel Rubymar by Yemeni Houthi militants, as confirmed by the United States (US) military, marks a concerning escalation in tensions in the Gulf of Aden. The Houthis' vow to continue targeting British ships in the region raises the risk of further maritime incidents and underscores the volatile situation in the area.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

Recommended Articles

Japanese Yen rallies to February 18 high as upbeat wage data and GDP lift BoJ hike bets The USD/JPY pair declines for the second straight day – also marking the fourth day of a fall in the previous five – and sinks to its lowest level since February 18, around mid-153.00s during the Asian session on Tuesday.

Author FXStreet

Sep 08, Tue

The USD/JPY pair declines for the second straight day – also marking the fourth day of a fall in the previous five – and sinks to its lowest level since February 18, around mid-153.00s during the Asian session on Tuesday.

Gold slumps to near $4,350 amid oil-driven inflation fears, US inflation data in focus Gold price (XAU/USD) falls to near $4,350 during the early Asian session on Wednesday. The precious metal faces some selling pressure as rising oil prices fueled inflation ‌concerns and boosted expectations for a rate hike by the Federal Reserve (Fed) in September.

Author FXStreet

Sep 09, Wed

Gold price (XAU/USD) falls to near $4,350 during the early Asian session on Wednesday. The precious metal faces some selling pressure as rising oil prices fueled inflation ‌concerns and boosted expectations for a rate hike by the Federal Reserve (Fed) in September.

Over 140,000 Traders Liquidated as Bitcoin Nears $78,000 in Four-Day Drop, Altcoins Broadly Slump Over 140,000 traders liquidated in crypto market as BTC drops for fourth straight day to test $78,000 level; altcoins crash.On September 10, the cryptocurrency market experienced a new ro

Author TradingKey

Yesterday 01: 39

Over 140,000 traders liquidated in crypto market as BTC drops for fourth straight day to test $78,000 level; altcoins crash.On September 10, the cryptocurrency market experienced a new ro

Brent holds above $100 as tanker attacks tighten supply — but four forces are capping the rally Brent crude is holding above $100 a barrel for a second session, its first close above the level since late July, as tanker attacks near the Strait of Hormuz squeeze an already tight physical market. Yet the rally has been gradual: 8.3 mb/d of Gulf output is still shut in, diesel is at a record, and forecasts now range from $74 to $100.

Author Irene Q.

Yesterday 07: 34

Brent crude is holding above $100 a barrel for a second session, its first close above the level since late July, as tanker attacks near the Strait of Hormuz squeeze an already tight physical market. Yet the rally has been gradual: 8.3 mb/d of Gulf output is still shut in, diesel is at a record, and forecasts now range from $74 to $100.

US August CPI lands tonight: after a 5.4% PPI shock, will the Fed hike on September 16?US August PPI came in at 5.4% year-on-year, above the 5.3% consensus, with core PPI at 4.6%. Traders have pushed the odds of a 25bp Fed hike on September 15-16 to around 70%. Tonight's CPI is the last major inflation print before the decision — here is the full calendar, the consensus numbers, and what a hot versus cool reading would mean for the dollar, yields, gold and stocks.

Author Irene Q.

2 hours ago

US August PPI came in at 5.4% year-on-year, above the 5.3% consensus, with core PPI at 4.6%. Traders have pushed the odds of a 25bp Fed hike on September 15-16 to around 70%. Tonight's CPI is the last major inflation print before the decision — here is the full calendar, the consensus numbers, and what a hot versus cool reading would mean for the dollar, yields, gold and stocks.

Related Instrument