Oil prices erased some of the earlier gains last week as Nigeria announced it will buy large quantities of oil after a pipeline had been sabotaged. Aside from affecting global demand, this indicates problems in the country’s oil production, further boosting global prices. However, the market is still concerned over Libya and Nigeria’s plans to boost production, as they are exempt from OPEC’s production-cut deal.
Chimera's Blog
Fed Meeting
In meeting in March 2017, the Fed carried out the first interest rate hike for the year.next Fed meeting which will take place on Wednesday, June 13-14, 2017. Major financial markets have assigned considerable probability in favour of US Fed interest rates to be increased by an additional 0.25 basis points, amid mixed sentiment in the US labor market and still lower-than-expected inflation rate.