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The global market situation suddenly changed on Tuesday (Month), the U.S. dollar index fell towards the mark, and the GBP/USD fell below. It fell to a one-month low. As the U.S. dollar fell from its highs, gold bulls made a comeback and strongly broke through the U.S. dollar/ounce mark. The trend of crude oil is exactly the opposite. The U.S. market gave up all its gains at the beginning of the session and turned downward. The market is expected to repeat the same mistakes and not reach an agreement to freeze production.
At the Semi-Annual Petroleum Conference held in Vienna in January this year, many member countries expressed an optimistic attitude towards the oil market, thanks to the rebound of oil prices by nearly 10% from the annual low in January this year. However, oil prices fell again to more than a month low last week as worries about a global supply glut returned, making some member states unable to balance their budgets once again nervous.
International crude oil prices fell back into a technical bear market last week, ending a rebound that had nearly doubled since hitting a yearly low last month. The decline has put pressure on many OPEC members, some of which are now unable to balance their budgets. The group will hold an informal meeting in Algiers this month to discuss oil prices and measures like freezing output, its chairman said on Monday.
Whether an agreement to freeze production can be reached is a question that oil market observers urgently need to know. In March this year, it hinted that an agreement to freeze production would be reached soon, and investors were waiting for a decision before then.