The price of oil slipped ahead of the OPEC+ meeting

On Wednesday, June 29, at the end of the day, Brent crude oil rose by 1.90% to $115.65. The price went up to $120.40. Buyers began to take positions in the American session after the publication of macro data and the dollar rally. The report of the Ministry of Energy was ignored.

The US Department of Energy delayed the release of the report last week due to a technical glitch, and on Wednesday released data for two weeks at a time. Oil inventories in the United States in the week ended June 17 fell by 386 thousand barrels, to 418.3 million barrels, last week ended June 24 - by 2.76 million barrels, to 415.57 million barrels (the forecast was -950 thousand barrels).

U.S. consumer expectations fell to their lowest level since 2013 in June, according to the latest Conference Board survey. The inflation expectations index was raised. The dollar strengthened on the statements of Powell and Mester.

US Federal Reserve Chairman Jerome Powell said there was a risk that the interest rate hike would slow the economy too much. The head of the Federal Reserve Bank of Cleveland, Loretta Mester, intends to support the Fed's rate hike by 75 basis points in July if the situation in the US economy does not change.

On Thursday, June 30, a barrel of Brent costs $113 at auction in Asia. The price fell by 2.2%. The inability of buyers to pass the $120 level caused a downward correction. Market participants could begin to close long positions not only because of the strengthening of the dollar, but because of the OPEC + meeting. At 14:00 Moscow time, members of the Ministerial Monitoring Committee of Opec+ will meet. Then a meeting of all the heads of the alliance will begin, at which they must decide whether to continue to increase oil production from 648 thousand barrels per day or leave it. According to forecasts, it is expected that the volume of oil production will not change. On Thursday, the trading range is $110-$120.