Phil Carr
The Gold & Silver Club
Oil prices fell by around 1% on Wednesday on concerns the Sino-U.S. trade war could trigger a global economic downturn, but relatively tight supply amid OPEC output cuts and political tensions in the Middle East offered some support.
Prices have been supported by supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC) since the start of the year, and by political tensions in the Middle East.
OPEC and some allies including Russia are due to meet on June 25 and 26 to discuss output policy.
Meanwhile speculators cut their net long positions in U.S. Crude futures and options again in the latest week.
Where are commodity prices heading next? Watch Phil Carr at The Gold & Silver Club review Crude Oil with the latest price forecast and predictions:
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