Oil prices fluctuate as fears of a looming recession increase among investors. This is due to the unease that plagues financial markets. Oil is one type of energy that drives industry growth and influences consumer prices. The high cost of energy has led to a significant increase in inflation rates around the globe.
Our blog aims to give you useful information regarding oil trading and prices to help you understand what’s happening in the oil market. If you are a beginner trader, we would recommend reading our comprehensive article titled: “Trading oil for beginners in 2023.”
OPEC+ in crosshairs
Governments and organizations that do not agree with the decisions made about production cuts have targeted the Organization of the Petroleum Exporting Countries and its allied oil-producing countries. Commentaries on OPEC+ have focused on the importance of keeping oil prices low, which could lead to lower consumer prices.
On the other hand, OPEC+ officials seem poised to follow the organisation’s strategy, keeping oil prices at levels that would benefit its members. Haitham Al Ghais, the OPEC’s Secretary-General said last week that OPEC and OPEC+ are not targeting oil prices. Al Ghais said to reporters…