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Get the latest economic news from ForexMart, including updates on the financial market, central bank policy announcements, financial indicators, and other relevant news which can impact the industry.

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The oil market is volatile at the beginning of the trading week

June, 17 2024
watermark Economic news

Oil prices on Monday are quite volatile after a significant rise last week, which was the highest since April. 


Last Friday, Brent quotes rose to $83.32 per barrel. During today's trading, prices first fell to the level of $82.11, subsequently jumping to $82.96. The current Brent quote is $82.50 per barrel.


Strong growth at the end of the week offset the decline recorded a week earlier after OPEC+ announced plans to gradually reduce restrictions on oil production.


The market was supported by forecasts from OPEC and the International Energy Agency, indicating the possibility of a shortage of supplies before the beginning of winter. In general, analysts believe that oil prices have some potential for growth – the third quarter is traditionally the season of peak demand around the world, and this will contribute to an increase in oil refining volumes.


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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.