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Crude oil price and OPEC + meeting

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. 

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