Crude oil prices rose for the third consecutive day for two main
reasons.
The first reason is related to the meeting of OPEC Plus, which is
scheduled to hold their regular meeting on June 2, 2024 to determine the level
of oil production among the members of the organization, which has created
fears among investors that OPEC Plus is likely to start lowering production.
US Personal consumption expenditure data released on
Friday will also affect the Federal Reserve's interest rate decisions, which
will undoubtedly affect crude oil prices, as oil prices will rise whenever the
US Bank decides to cut interest rates.
Dr. Kamaran Qader Yaqub,
Financial Consultant at
Investment Spot company.
