After the rally of last week, the oil price slowed down yesterday to a low of $58.30, before trying to recover to the threshold of $59 per barrel. In short, investors are still cautious about whether all countries will respect the deal signed at the meeting in Vienna.
Moreover, there are growing expectations for the FOMC’s meeting, even if investors are not expecting big changes in guidance. Attention will be focused on the dot plot, the chart forecasting Fed’s rates for the future, and trying to assess whether this will have any impact on the oil price. Of course, any news on the trade war and the long-awaited deal would be another market driver, while the UK’s general election should have a much smaller impact.
