Oil prices jumped as OPEC+ meeting approaches
Oil prices rose about 2% on Tuesday due to the possibility of OPEC+ extending or expanding production cuts, as well as the weakening of the US dollar. The OPEC+ online ministerial meeting will be held this Thursday, and there are disagreements among member countries on production quotas, with Saudi Arabia receiving much attention. Let's take a look at today's news decoding.
To ensure sustainable development, OPEC maintains a fixed amount of idle capacity. In reality, OPEC's annual production only represents a small fraction of these countries' reserves. In order to keep crude oil prices high and maintain a stable income, OPEC may proactively reduce its production from time to time.
Apart from that, crude oil prices are also affected by commodity attributes, geopolitics and unexpected events, financial attributes, and extreme weather. For more details, please tab on our article >> The Underlying Conflicts Surrounding Crude Oil Prices
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coop2366 : how do you play the oil
BobHents coop2366: You can use oil future options. When the price of oil trends up, sell the put option. Sell the call option when the prices are going down.
coop2366 BobHents: thank you for sharing your knowledge
Moomoo LearnOP BobHents: Thanks for your generous sharing. You are helping build a more meaningful communicative community.