OPEC+ to stick to current plan to ease oil output cuts from May 1 – Reuters

Eren Sengezer FXStreet

OPEC+ will stick to its current plan to ease the oil output cuts from the beginning of May, Reuters reported on Tuesday, citing sources familiar with the matter.

"OPEC+ ministers will hold next meeting in early June to adjust existing output deal if required," Reuters further noted. "Russia tells OPEC+ ministers in meeting that preference is to keep output plans along existing lines."

Market reaction

This headline doesn't seem to be having a significant impact on crude oil prices. As of writing, the barrel of West Texas Intermediate was up 0.7% on the day at $62.40.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

EUR/USD trims gains, back below 1.1800

EUR/USD now loses some upside momentum, returning to the area below the 1.1800 support as the Greenback manages to regain some composure following the SCOTUS-led pullback earlier in the session.

GBP/USD off highs, recedes to the sub-1.3500 area

Following earlier highs north of 1.3500 the figure, GBP/USD now faces some renewed downside pressure, revisiting the 1.3490 zone as the US Dollar manages to regain some upside impulse in the latter part of the NA session on Friday.

Gold climbs to weekly tops, approaches $5,100/oz

Gold keeps the bid tone well in place at the end of the week, now hitting fresh weekly highs and retargeting the key $5,100 mark per troy ounce. The move higher in the yellow metal comes in response to ongoing geopolitical tensions in the Middle East and modest losses in the US Dollar.