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Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

Trading volatility: Brent around OPEC meeting

The postponement of the weekend’s OPEC+ ministerial meeting to Thursday 30th has seen traders short Brent, the OPEC benchmark.

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IGTV’s Jeremy Naylor looks at the potential risk to the downside in what appears to be a disagreement amongst OPEC+ members on the need for further supply cuts.

(AI Video Transcript)

The OPEC meeting

The Organization of the Petroleum Exporting Countries (OPEC) meeting, which was supposed to happen this weekend, has been delayed until next Thursday, which is causing people to wonder about the disagreements and tensions within the organization. The main issue seems to be that they can't agree on how much they need to cut oil production in order to keep prices stable. Because of this, oil prices have been under pressure, with Brent, which is kind of like the standard for OPEC pricing, trading below the 200-day moving average and forming lower highs and lows.

There's a specific level that people are watching out for, which is the lowest point that oil prices reached on November 16th. If the market goes down as expected, it could be a good chance to sell. On the other hand, if OPEC agrees on significant cuts in supply, it could help boost the market. Right now, the amount of oil being produced has already gone down by 5% in the last year because of the cuts that OPEC+ made. So, if things just stay the same, it would be a good time to sell, with the stock going above the 200-day moving average.

Brent oil prices

However, if OPEC ends up making a weakened deal, it could make oil prices even more unstable. Some countries that rely on selling oil really need the money, so they're selling more oil than they're technically allowed to under the supply cut agreements. This postponed meeting, which is now set for November 30th, is really important and could potentially cause Brent prices to go down. So, it's a bit of a wait and see situation right now.

This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

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