What's happening in the markets? We've put together some of the most important news and events that may affect your trades in the near term.
Will continuing OPEC+'s output hikes weigh on oil prices?
Oil prices lack clear direction ahead of the upcoming OPEC+ monthly meeting and shifting US tariff policy signals.
With the meeting moved to 30 May, markets expect major oil producers to approve an additional daily output hike of 411k barrels.
Meanwhile, US President Trump's decision to temporarily delay a 50% tariff on the EU has boosted risk appetite, supporting a rebound in oil prices.
USOIL retested the support at 60.00 and currently consolidates within the range of 60.00–62.00. The price hovers around EMA21, awaiting an additional trigger for a breakout.
If USOIL falls below 60.00, the price may retreat to the next support at 55.00.
Conversely, if USOIL breaches above the descending trendline, the price could advance toward the resistance at 64.50.
We'll continue to keep you informed about current market trends and the drivers behind them. Stay tuned for more updates in the future.
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"Best spreads" mean the tightest and most stable spreads. "Most stable spreads" refers to the lowest maximum spreads, and "Tightest spreads" refers to tightest average spreads on Exness Pro account, for XAUUSD, USOIL, and BTCUSD based on data collected from 25 August - 7 September 2024, when compared to the corresponding spreads across commission-free accounts of other brokers. Spreads may fluctuate and widen due to factors including market volatility and liquidity, news releases, economic events, when markets open or close, and the type of instruments being traded.
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