Is the Oil Price Drop Over?

Is the Oil Price Drop Over?

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According to AvaTrade, the recent period where oil has been at a two-decade low could soon be over following a trade deal among prominent oil-producing nations.

They, alongside other trading platforms, last week cited oil as a promising investment option owing to an on-going oil mining race between two major oil-producing nations, Saudi Arabia and Russia. However, they now believe that the window of opportunity for this could soon be over. Therefore, if you haven’t yet got involved you will need to be quick in order to still benefit from these low prices.

This is because of a new deal that has been struck by the OPEC+ alliance. This deal will see the participating nations cut oil production and limit it to 9.7 million barrels a day, which as AvaTrade note is a “little shy of the 10 million barrels a day that was initially touted”. Although the deal very nearly fell through, it was in fact Donald Trump who ultimately stepped in to salvage it.

As a result of this, the price will now be maintained as there won’t be the possibility to exceed these number and thus lower the price via the principles of supply and demand. You can read the full report now at AvaTrade.

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