According to DnB NOR, the expectations are that OPEC will raise its crude oil quota by 2.2 million barrel and reach a new target supply of 27 million barrels a day – the highest level since 2008. If this will be the case, crude oil prices might further fall as the crude oil market might loosen. It will remain to be seen if OPEC will come up with this decision next week and if so, will all its members comply and raise their current quota.
The current Nymex crude oil price, short term futures (July 2011 delivery) is traded down at $102.53 per barrel, a $0.17 per barrel decrease or 0.17%, as of 12:06*.
The Dated Brent spot oil price declines by $0.84 per barrel and it is at $115.90 per barrel as of 12:17*.
Current gold price, short term futures (June 2011 delivery) is traded at $1,533.1 per t oz. a $3.7 decrease or 0.24%, as of 12:02*.
Euro to US dollar conversion rate is currently traded up at 1.44 a 0.0247% increase as of 12:12*.
The USD/CAD is traded down at 0.9678 a 0.0723% decrease as of 12:12*.
For more on this subject:
- Weekly outlook for May 30 June 3
- Gold & Silver Price – Daily Outlook 31 May
- Oil prices daily outlook 1 June