[vc_row][vc_column][vc_column_text]In the last week of May, Brent closed at $68.74 and WTI closed at $66.60. The market was green but there was no sign of powerful purchase. Crude did not get to their last high prices and the trend seems to be weak. Technically, the chart is not still determined to move up further. However, we cannot ignore fundamental views, such as the important meeting of OPEC on Tuesday. The final decision of the meeting may change all variations.
Although Iran-US negotiations have not ended, their deal is highly possible. Goldman Sachs still predicts an $80 price even though Iran is coming to the market.
US crude oil inventories decreased 1.66 million barrels last week. Oppositely, gas and oil rigs increased to 359. It was a rough week for big oil, including the loss of Royal Dutch shell in a legal case on emissions of the end-users burned fuels. It was a warning sign for the other parties about possible litigation about emissions.
Despite the long period of quotative easing of the central banks during the pandemic, some countries have signaled the market for new tapering policies, including Britain and Europe. The market has been in relative fear which will be totally come true if the U.S central bank defends in their upcoming meeting in the first week of June.
If central banks decide to impose new policies and increase interest rates, commodities will decrease as the shock of the dollar empowering.
The
oil products experienced a calm market last week. The large market of India was affected by the new disease of “black fungus” and the monsoon season. The OPEC meeting will also change oil products by setting projections for the oil market.[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_raw_js]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[/vc_raw_js][/vc_column][/vc_row]
