{"id":145599,"date":"2017-11-29T02:32:33","date_gmt":"2017-11-28T15:32:33","guid":{"rendered":"https:\/\/www.gomarketingteam.com\/auarticles\/oil-on-the-rise\/"},"modified":"2021-03-09T14:42:03","modified_gmt":"2021-03-09T03:42:03","slug":"oil-on-the-rise","status":"publish","type":"post","link":"https:\/\/www.gomarkets.com\/en\/articles\/oil-metals-commodities\/oil-on-the-rise\/","title":{"rendered":"Oil on the Rise"},"content":{"rendered":"

Oil on the Rise<\/span><\/h1>\n

After reaching its lowest price for 15 years back in January, we have seen the oil prices rising in the recent months since June. The price recently reached a two-year high following a partial closure of the Keystone pipeline connecting Canada-US oilfields. With more upcoming meetings and geopolitical tensions rising in the Middle East, the future of the oil prices will depend on how the future events unfold.
\nOPEC Meeting<\/strong>
\nThe next Organization of the Petroleum Exporting Countries (OPEC) is taking place on 30th<\/sup> November in its headquarters in Vienna, Austria. It is expected that the pact on cutting output beyond March 2018 expiry will be extended, although Russia \u2013 a non-OPEC member and the second largest oil exporter in the world has sent mixed signals about its support for an extension on the cuts. \u201cWith the majority of OPEC members endorsing an extension, Russian support is the key risk,\u201d Jon Rigby, head of oil research at UBS, wrote in a note.
\nLast month, President Vladimir Putin indicated that Russia is backing extending the deal to the end of next year, but recent comments by officials and Russian media have created uncertainty since Putin\u2019s comments.
\nBritish bank and financial services company Barclays expects a 6 to 9-month extension of an OPEC led deal to limit oil output during the meeting on 30th<\/sup> November. The bank expects Brent to remain above $60 per barrel in the last quarter of this year and fall to $55 in 2018. \u201cWhether or not the countries extend and the duration of the deal are not the relevant questions in our view. We believe the level of the cut is what really matters, and we assign a low likelihood to this detail being announced on November 30,\u201d analysts at the bank said in a note.
\n\u201cIf the meeting concludes as the market expects, prices could experience a short-term selloff, but the technicals and fundamentals will likely remain constructive,\u201d the bank said.
\n\"world
\nOther concerns for oil prices are the geopolitical tensions in the Middle East. Saudi Arabia and Iran have been involved in aggressive exchanges over the conflict in Yemen with both countries backing different sides. The Gulf region exports around 28 million barrels a day which is almost one third of a global production, therefore its important the relationships in the Middle East does not intensify further.
\nUKOUSD:<\/span><\/strong>
\n\"UKOUSD
\nSource: Wixad MT4<\/p>\n

USOUSD:<\/span><\/strong>
\n\"USOUSD
\nSource: Wixad MT4<\/p>\n

See here for more information on Oil Commodity Trading<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Oil on the Rise After reaching its lowest price for 15 years back in January, we have seen the oil prices rising in the recent months since June. The price recently reached a two-year high following a partial closure of the Keystone pipeline connecting Canada-US oilfields. With more upcoming meetings and geopolitical tensions rising in […]<\/p>\n","protected":false},"author":15,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[2875],"tags":[],"class_list":["post-145599","post","type-post","status-publish","format-standard","hentry","category-oil-metals-commodities"],"acf":[],"yoast_head":"\nOil on the Rise - Wixad<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.gomarkets.com\/en\/articles\/oil-metals-commodities\/oil-on-the-rise\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil on the Rise - Wixad\" \/>\n<meta property=\"og:description\" content=\"Oil on the Rise After reaching its lowest price for 15 years back in January, we have seen the oil prices rising in the recent months since June. The price recently reached a two-year high following a partial closure of the Keystone pipeline connecting Canada-US oilfields. 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The price recently reached a two-year high following a partial closure of the Keystone pipeline connecting Canada-US oilfields. With more upcoming meetings and geopolitical tensions rising in ","link":"https:\/\/www.gomarkets.com\/en\/articles\/forex-trading\/deal-no-deal\/","type":"next","category":"forex-trading"},"previous":{"id":145598,"slug":"middle-east-tensions","title":"Middle East Tensions","date":"2017-11-07 23:35:56","excerpt":"Oil on the Rise After reaching its lowest price for 15 years back in January, we have seen the oil prices rising in the recent months since June. The price recently reached a two-year high following a partial closure of the Keystone pipeline connecting Canada-US oilfields. With more upcoming meetings and geopolitical tensions rising in ","link":"https:\/\/www.gomarkets.com\/en\/articles\/forex-trading\/middle-east-tensions\/","type":"previous","category":"forex-trading"},"category":{"slug":"oil-metals-commodities"},"_links":{"self":[{"href":"https:\/\/www.gomarkets.com\/en\/wp-json\/wp\/v2\/posts\/145599","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.gomarkets.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gomarkets.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gomarkets.com\/en\/wp-json\/wp\/v2\/users\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gomarkets.com\/en\/wp-json\/wp\/v2\/comments?post=145599"}],"version-history":[{"count":0,"href":"https:\/\/www.gomarkets.com\/en\/wp-json\/wp\/v2\/posts\/145599\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gomarkets.com\/en\/wp-json\/wp\/v2\/media?parent=145599"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gomarkets.com\/en\/wp-json\/wp\/v2\/categories?post=145599"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gomarkets.com\/en\/wp-json\/wp\/v2\/tags?post=145599"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}