Oil prices remain under pressure. There are still market fears that are easing Iran's sanctions and growing oil production in the US may lead to an oversupply of raw materials. On the eve of an additional reason for sale was the news from the Wall Street Journal. According to the newspaper, the Saudi authorities have ordered a study that will investigate the issue of dissolution of the OPEC. It should also be noted that the dollar that strengthened its position after the Fed meeting puts additional pressure on the entire group of commodities and risk provisions. Market attention will be drawn in the coming days to the results of the meeting of the OPEC + Monitoring Committee, which will take place in Abu Dhabi on 11 November. OPEC + parties discuss the possibility of limiting oil production in 2019. against the background of increased risk in the area of market tone balance. In the case of a clear signal that OPEC + will retain control of the balance in the market and, if necessary, reduce production, oil contracts will be able to recover some of the losses.
Denis Davydov, analyst Nordea Bank
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