The markets anxiously waiting to see whether the largest oil exporters in the world and will form tomorrow at the summit of OPEC an agreement that will lead to the reduction of output and stabilizing prices of black gold.
The oil is trading right now with volatility and the market analysts are warning that without a formal agreement to reduce the output, the oil prices could fall below the level of $ 40 a barrel and $ 30 a barrel in the near term.
The oil continue to draw interest as the major oil exporters are expected to meet on Wednesday to decide whether to formulate an agreement on reducing output.
If they would fail to form such an agreement is estimated that the market price of the black gold may climb to a price level of 60 dollar per barrel within a few months.
According to US media reports, OPEC officials has asked Russia to join the agreement being formulated to reduce oil production, and to undertake the download of 300 thousand barrels per day to its production levels.
The price of the oil continues to be trading with volatility on the background of the conference of the world’s largest oil exporters which should take place next week in which they will try to find an agreement to reduce oil production in order to stabilize prices.
The oil prices are declining after OPEC postponed the decision on limitation of oil production, due to disagreements about Iraq and Iran Participation Agreement.
Positive opening on Wall Street as when the Dow Jones crossed the 19,000 threshold pts.
The S&P crossed the 2,200 points while oil is at the highest level in a month.
The European stock markets trade is conducted with higher prices, due to the continued rise in oil prices.
The FTSE is rising by 0.8%, the DAX adds 0.6% and the CAC rising by 0.8%.
The Asian markets rising for a second day on a row, following the new highs on Wall Street yesterday and the continued rise in oil prices.
Tokyo rose by 0.3%, Hong Kong added 1.3%, Shanghai rising by 0.8%, Seoul rose by 0.9%.
The price of oil continues to rise for the third day in a row due to expectations OPEC countries’ agreement to curb the oil output.
The WTI oil rising by 1.1% to a price level of 48.78 dollars per barrel.
The trading on Wall Street stock exchanges takes place with slight price increases due to the rise in oil prices, and further to the two weeks of gains after the US elections. The Dow Jones rising by 0.2%, the S&P 500 rising by 0.3%, the Nasdaq rising by 0.3%.
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