Oil rises from average levels, short positions surge ahead of OPC+ meeting; what lies ahead?2 min read 26 May 2023, 07:14 PM IST
Benchmarks had settled more than $2 per barrel lower in the previous session, after Russian Deputy Prime Minister Alexander Novak played down the prospect of further OPEC+ production cuts at its meeting in Vienna on June 4.
Oil prices advanced on May 26, as conflicting messages from Russia and Saudi Arabia on supply cuts weighed on market sentiments, ahead of the next OPEC+ policy meeting due for June 4. The number of short positions in oil essentially betting that prices will fall has risen ahead of the next OPEC+ policy meeting, according to analysts, hinting at a surprise decision by the oil producers.
Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!Let’s get started
Select your Category