Oil has been particularly volatile, with U.S. prices touching their lowest level of the year and then rallying by more than 10% in a matter of days, making a decision by major oil producers this weekend even more difficult.
The change to a virtual meeting “signals little likelihood that the group will change production,” said the Kansas City energy team at StoneX, in Thursday’s newsletter. In a year-ahead commodity outlook note released Thursday, Francisco Blanch, head of global commodities and derivatives research at BofA Securities, wrote that if the global economy does go into recession, led by a pullback in activity in the U.S. and Europe, commodity prices could drop.
Given the drop in prices since OPEC+ last met, the group on Sunday is “likely to either announce an additional cut or give pointed rhetoric that they will look to cut in the months ahead if prices remain lower than their target of $90 [a barrel],” said Matt Smith, lead oil analyst, Americas, at Kpler.
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