Don’t waste your time – keep track of how NFP affects the US dollar!

Data Collection Notice

We maintain a record of your data to run this website. By clicking the button, you agree to our Privacy Policy.

facebook logo with graphic

Join Us on Facebook

Stay on top of company updates, trading news, and so much more!

Thanks, I already follow your page!
forex book graphic

Beginner Forex Book

Your ultimate guide through the world of trading.

Get Forex Book

Check Your Inbox!

In our email, you will find the Forex 101 book. Just tap the button to get it!

FBS Mobile Personal Area

market's logo FREE - On the App Store

Get

Risk warning: ᏟᖴᎠs are complex instruments and come with a high risk of losing money rapidly due to leverage.

76.5% of retail investor accounts lose money when trading ᏟᖴᎠs with this provider.

You should consider whether you understand how ᏟᖴᎠs work and whether you can afford to take the high risk of losing your money.

How to trade on OPEC meeting?

How to trade on OPEC meeting?

Information is not investment advice

What will happen?

The world’s largest oil exporters, OPEC+ nations, will meet on Tuesday. The meeting is expected to start at 15:30 GMT+3.  

Why is it important?

OPEC+ has a great impact on the oil supply. As the global economy is recovering from the pandemic, OPEC’s actions become even more important. If the organization has a positive view of the global economy and expects demand for oil to rise, it slowly increases production. This was the case in April when the countries announced a plan add more than 2 million barrels a day to global oil supplies from May to July. Since then, Brent oil has been trading with a bullish bias slowly drifting up toward March highs in the $71 area. This time, everyone expects OPEC+ to stick to the previous agreement. That will be a positive outcome for oil because it would mean that all is fine and exporters think that their barrels will find buyers.

On the downside, if OPEC voices concerns about the world’s economic rebound and emphasizes problems in particular regions (for example, India), we may see oil prices go down.  

A new topic

Something has changed in comparison with April: Iran. The nation is in negotiations with the West to remove sanctions. If this happens, its oil will return to the market increasing the overall supply and changing the balance. Iran’s potential return is a negative factor for oil. Although the talks about Iran will likely last for months, any comments on this topic tomorrow may rock the price. Until the question remains decided, it’s going to limit the upside for oil.

What does it mean for traders?

It’s time to have a look at the chart. As you may see on the Weekly timeframe, XBR/USD has reached a very strong resistance area of $70-71 – here comes the resistance line that has been limiting the upside since 2014. Obviously, something really big and positive is needed for a major breakout to the upside. It’s hard to imagine that such a thing will materialize tomorrow. As a result, the best strategy may be to look for peaks as the opportunities to open sell trades targeting support at $66 a barrel.  

XBRUSDWeekly.png

LOG IN

Similar

US Interest Rate Slowdown?

The US Federal Reserve may refrain from more aggressive interest rate hikes in March due to geopolitical risks after Russia's special operation in Ukraine…

Popular

It’s Time to Look at New Zealand

Inflation in New Zealand is the highest since 1990, edging to 7.3% in Q2 2022. The currency is under heavy pressure as the Reserve Bank of New Zealand is trying to reverse the inflationary spiral. The week ahead will give us a valuable clue about the country’s monetary policy, and we are here to talk about that.

Choose your payment system

Feel the Team Spirit

Callback

Please fill in the form below so we can contact you

Select the best time for us to call you. We give calls from Monday to Friday in suggested intervals. In case we couldn't get through, we will try again at the same time the next day. For getting real-time assistance, use FBS chat.

We provide only English-speaking callbacks. If you prefer any other languages, contact the support team.

We will call you at the time interval that you chose

Change number

Your request is accepted.

We will call you at the time interval that you chose

Next callback request for this phone number will be available in 00:30:00

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later