Weekly Fundamentals - Oil to Rise Further in Near-Term on OPEC's Crackdown
BonTradeLast week, 4 major central banks (RBA, RBNZ, ECB and BOE) announced no changes in monetary policies. Among them, ECB's statement was the most eye-catching. The use of the reference 'strong vigilance' signaled a rate hike is imminent in July. Yet, the focus of the commodity market was on the OPEC meeting. While there had been rising speculations that the cartel would increase production quotas to cap oil price upsides, cohesion of member countries greatly deteriorated and no change in quotas was the result.
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Weekly Fundamentals - Oil to Rise Further in Near-Term on OPEC's Crackdown
