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- The Oil price attracts slight bids at open on Monday as the US Dollar extends its corrections.
- The OPEC+ is expected to announce a further increase in Oil production.
- Iraq’s federal government is set to pump Oil into international markets through Turkey.
West Texas Intermediate (WTI), futures on NYMEX, strives to gain ground slightly below $65.00 during the Asian trading session on Monday. The Oil price attracts slight bids as the US Dollar extends its correction amid firm expectations that the Federal Reserve (Fed) will cut interest rates in the October policy meeting.
During the press time, the US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, trades 0.25% lower to near 97.90.
The Oil price corrected on Friday after posting a fresh seven-week high of around $66.20 the same day. The black gold faced selling pressure on hopes that the Organization of the Petroleum Exporting Countries (OPEC) and their allies, which are collectively known as OPEC+, will raise the Oil output again in the meeting scheduled on October 5.
A report from Reuters showed that OPEC+ will likely approve another crude production hike of at least 137,000 bpd at its meeting on Sunday. A hike in Oil production at a time when the global demand has been impacted by the United States (US) tariffs-driven trade war will be an unfavourable scenario for the Oil price.
Another reason behind corrections in the Oil price came on the back of an agreement between Iraq’s federal government and the Kurdistan regional government, aiming to infuse 180,000 to 190,000 barrels per day (bpd) of crude into the global market through Turkey’s Ceyhan port, which has also weighed on the Oil price.
