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The oil market: traders "burn out" in anticipation of positive from OPEC+

Oil prices on world markets are slowly crawling down, continuing yesterday's paradoxical decline. According to the 08:43 GMT, the July Brent futures fell 0.12% to 51,23 per barrel, and WTI 0.16% to 48.59 per barrel.

30.May.17 12:09 PM
By Christina Orlina


The oil market: traders "burn out" in anticipation of positive from OPEC+
Many were waiting for yesterday, after announcing positive results of the Vienna summit of OPEC oil on the market going up to heaven like a rocket. What happened was exactly the opposite prices have just collapsed, losing half a day for $ 3.

Apparently, the market waited for news on the extension of the Vienna deal, it's just overheated. It is also possible that traders were hoping for some pleasant surprises, such as for example, deeper production cuts. However, they did not wait. At some point, there were rumors that OPEC+ will provide a new extension for an additional three months March 2018. But this information was not confirmed.

The market was also waiting for the promised expansion of structure of participants of the transaction on two or three countries. But here, investors were disappointed even Turkmenistan, which has practically promised to join in the production cuts decided to wait a little while.

As a result, traders have received only what has already taken into account earlier in the calculations in advance and played for a week raised the price from 51 to 54 dollars a barrel. And now they had nothing except their "drop".

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