Commodity Daily News

OPEC Production Cut Expected Next Week

Crude Oil fell again yesterday, after an early jump above $48 a barrel, as the market anticipated OPEC's meeting on March 15th in Vienna. If OPEC decides to make another cut to oil production, prices are expected to firm up and move higher in a short-term.

Looking ahead today, one of the more influential pieces of economic data will be the U.S. Crude Oil Inventories report. This inventories report has become more and more relevant over the last few months as the movement of the price of Crude Oil has become a major market mover. Expectations show a rise of 0.1M barrels from last month's decrease of 0.7M barrels. Traders can, and should, expect wide market volatility around the 14:30 GMT release of these inventories figures because of Crude Oil's importance in today's market.