No significant change occurred in oil prices on Wednesday, after they fell more than three percent to their lowest levels in six months in the previous session due to concerns about supply surplus and worries about the global economy next year. This was exacerbated by OPEC+ weak commitment to production cuts and increased production in other places, including record levels in the United States.
Additionally, nearly 200 countries reached a historic agreement at the COP28 conference to begin reducing global consumption of fossil fuels. The goal is to send a signal to investors in oil and other fossil fuels. The United Nations also issued a resolution on Wednesday calling for a ceasefire in Gaza, while U.S. President Joe Biden warned that Israel is losing international support due to the killing of civilians. In the midst of these events, the price of oil reached its lowest levels in the past six months.
Investors are looking ahead to the Federal Reserve’s meeting later on Wednesday, where it is largely expected that interest rates will remain unchanged for the third consecutive round.
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Shady Fouad is a technical analyst at LDN Company
Shady's strategic vision in the currency markets is reinforced by more than fifteen years of trading experience, which enables him to blend economic and technical analyzes with high efficiency, and find the best investment ideas for traders.
