Brent closed below $ 62 on Monday, mainly due to decreased optimism brought by OPEC’s decision to increase production in the coming months.


To be more specific, the cost of June futures dropped by 4.8%, falling to $ 61.7 per barrel. At the same time, WTI lost more than 6% and closed at $ 57.6.


As mentioned above, all this is caused by the appalling decision of OPEC to start raising production volume in the coming months. Many are disappointed with it because to date, demand in the market is unstable, so an increase in supply could lead to another collapse in prices.

Nevertheless, supply cuts will be reduced starting May, so production will amount to 7.3 million, followed by 6.6 million in June and 5.76 million in July.

And since there are completely uncontrollable external factors such as the COVID-19, prices will undoubtedly fluctuate quite strongly in the short term.

There are also ongoing negotiations on the Joint Comprehensive Plan of Action in relation to the Iranian nuclear program. Earlier, it was planned that during the meeting in Vienna, the United States will discuss specific steps that Iran needs to take in order to return to the agreement. The US, meanwhile, has to ease sanctions against Iran.

This Tuesday morning, prices corrected a bit, increasing by 0.76% (Brent) and 0.95% (WTI). As a result, prices hit $ 62.62 and $ 59.21, respectively.

The material has been provided by InstaForex Company –

Leave your vote

🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.

As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.