Forex News
Commerzbank’s FX analysts flag that USD/THB slipped to 32.55 on portfolio inflows, even as Thailand’s April trade deficit widened to a record USD10.0bn. Authorities warned the Baht could stay under pressure if strong imports persist, with the currency already down 3.2% versus the Dollar year-to-date despite stronger AI-related export growth.
Record deficit weighs on Thai Baht
"April trade deficit widened to USD10.0bn (Bloomberg consensus: USD5.3bn) vs USD3.3bn in March, marking the widest deficit on record and the seventh consecutive monthly deficit."
"Nantapong Chiralerspong, the Director-General of the Trade Policy and Strategy Office, warned that the Thai Baht (THB) could remain under pressure if strong imports continue to widen the trade deficit."
"The government maintained its base-case forecast for exports to grow 3% this year, with a worst-case scenario of -3% and a best-case scenario of +8%."
"Nonetheless, THB has steadily weakened since mid-April on higher global oil prices and strong demand for USD."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)
UOB Global Economics & Markets Research highlights that USD/SGD was little changed around 1.2770 in quiet holiday trading, with the Singapore Dollar (SGD) Nominal Effective Exchange Rate (S$NEER) trading at the 2% upper bound of its estimated band. The team continues to expect S$NEER to remain locked between 1.5% and 2.0% above the midpoint, implying a USD/SGD range of 1.2795–1.2850 in the near term.
Singapore Dollar stays near ceiling
"In South East Asia, USD/THB eased from 32.60 to 32.55 while USD/SGD was little changed at 1.2770 in quiet holiday trading."
"The S$NEER continues to trade at the 2% upper bound of its estimated mid-point of the trading range."
"We continue to expect S$NEER to stay “locked-in” at the upper range of 1.5% to 2.0% above the mid-point of the trading range, implying a USD/SGD spot rate of 1.2795 to 1.2850."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)
- USD/JPY snaps a five-day winning streak as easing US-Iran tensions weaken safe-haven demand for the Greenback.
- The US Dollar Index pulls back toward the 99.00 mark after hitting a seven-week high of 99.54 earlier in the day.
- Traders await Tokyo CPI, Retail Trade and labor market data due on Friday for fresh clues on the Bank of Japan’s policy outlook.
The Japanese Yen (JPY) strengthens against the US Dollar (USD) on Thursday, with USD/JPY snapping a five-day winning streak as the Greenback loses traction following reports that the US and Iran had reached a preliminary agreement to extend the current truce.
The pair trades around 159.26 at the time of writing.
Axios reported that Washington and Tehran agreed on a 60-day memorandum of understanding (MOU), though the deal still awaits final approval from US President Donald Trump. The report, citing US officials, said shipping through the Strait of Hormuz would remain “unrestricted,” and Iran must remove all mines from the waterway within 30 days.
The headlines improved risk sentiment and weighed on safe-haven demand for the US Dollar. The US Dollar Index (DXY), which tracks the Greenback against a basket of six major currencies, trades around 99.00 after retreating from a seven-week high near 99.54 touched earlier in the day.
Oil prices also eased somewhat following the latest developments, offering additional support to the Japanese Yen. Japan relies heavily on imported Oil from the Middle East, making the Yen vulnerable to sharp increases in energy prices.
Meanwhile, the latest US inflation data also pressured the Greenback. The core Personal Consumption Expenditures (PCE) Price Index, the Federal Reserve’s (Fed) preferred inflation gauge, rose 0.2% MoM in April, below market expectations and down from the 0.3% increase recorded in March. On a yearly basis, the Core PCE climbed to 3.3% from 3.2% in March, matching forecasts.
The data did little to change the current hawkish Fed narrative, with traders still pricing in the possibility of an interest rate hike later this year as elevated Oil prices keep inflation risks in focus.
St. Louis Fed President Alberto Musalem said on Thursday that “there is a scenario where the economy might require a rate increase” and warned that “if we don't see disinflation in the next 1-2 quarters, that would concern me.”
Attention now turns to a data-packed Japanese economic calendar, with Tokyo Consumer Price Index (CPI), the unemployment rate and Retail Trade data all due on Friday.
Reuters reported on Thursday that former Bank of Japan (BoJ) Deputy Governor Masazumi Wakatabe said “whether the central bank raises rates in June is not the essential issue,” adding that “what really matters is whether the economy is in a condition where interest rates can be raised.”
Bank of Japan FAQs
The Bank of Japan (BoJ) is the Japanese central bank, which sets monetary policy in the country. Its mandate is to issue banknotes and carry out currency and monetary control to ensure price stability, which means an inflation target of around 2%.
The Bank of Japan embarked in an ultra-loose monetary policy in 2013 in order to stimulate the economy and fuel inflation amid a low-inflationary environment. The bank’s policy is based on Quantitative and Qualitative Easing (QQE), or printing notes to buy assets such as government or corporate bonds to provide liquidity. In 2016, the bank doubled down on its strategy and further loosened policy by first introducing negative interest rates and then directly controlling the yield of its 10-year government bonds. In March 2024, the BoJ lifted interest rates, effectively retreating from the ultra-loose monetary policy stance.
The Bank’s massive stimulus caused the Yen to depreciate against its main currency peers. This process exacerbated in 2022 and 2023 due to an increasing policy divergence between the Bank of Japan and other main central banks, which opted to increase interest rates sharply to fight decades-high levels of inflation. The BoJ’s policy led to a widening differential with other currencies, dragging down the value of the Yen. This trend partly reversed in 2024, when the BoJ decided to abandon its ultra-loose policy stance.
A weaker Yen and the spike in global energy prices led to an increase in Japanese inflation, which exceeded the BoJ’s 2% target. The prospect of rising salaries in the country – a key element fuelling inflation – also contributed to the move.
ABN AMRO notes that China benefits from solid foreign trade linked to the global tech and AI boom, but is still affected by the Iran conflict. April data show broad weakening, with sharply higher producer prices but low core CPI reflecting weak domestic demand. Growth and inflation forecasts remain unchanged, though global demand slowdown and lingering trade and geopolitical risks are highlighted.
Tech trade support and weak demand
"Despite foreign trade remaining solid on the back of the global tech/AI boom, the economy is not immune (though cushioned) to the Iran conflict."
"April data showed quite a broad weakening."
"Producer price inflation has risen sharply, but (core) CPI inflation remains low reflecting weak domestic demand."
"We keep our growth/inflation forecasts unchanged for now, after having tweaked them in March."
"A slowdown in global demand still is the biggest risk from the conflict."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)
The St. Louis Federal Reserve (Fed) President Alberto Musalem said that an easing bias in the Federal Reserve’s monetary policy statement is “no longer consistent” in an interview with Bloomberg TV.
Musalem added that a move in interest rates would depend on what happens in the economy, noting that bond markets “are seeing a resilient economy,” which could trigger a jump in inflation. He added that the movement in the fixed income is that investors are expecting a higher neutral rate.
Fed FAQs
Monetary policy in the US is shaped by the Federal Reserve (Fed). The Fed has two mandates: to achieve price stability and foster full employment. Its primary tool to achieve these goals is by adjusting interest rates. When prices are rising too quickly and inflation is above the Fed’s 2% target, it raises interest rates, increasing borrowing costs throughout the economy. This results in a stronger US Dollar (USD) as it makes the US a more attractive place for international investors to park their money. When inflation falls below 2% or the Unemployment Rate is too high, the Fed may lower interest rates to encourage borrowing, which weighs on the Greenback.
The Federal Reserve (Fed) holds eight policy meetings a year, where the Federal Open Market Committee (FOMC) assesses economic conditions and makes monetary policy decisions. The FOMC is attended by twelve Fed officials – the seven members of the Board of Governors, the president of the Federal Reserve Bank of New York, and four of the remaining eleven regional Reserve Bank presidents, who serve one-year terms on a rotating basis.
In extreme situations, the Federal Reserve may resort to a policy named Quantitative Easing (QE). QE is the process by which the Fed substantially increases the flow of credit in a stuck financial system. It is a non-standard policy measure used during crises or when inflation is extremely low. It was the Fed’s weapon of choice during the Great Financial Crisis in 2008. It involves the Fed printing more Dollars and using them to buy high grade bonds from financial institutions. QE usually weakens the US Dollar.
Quantitative tightening (QT) is the reverse process of QE, whereby the Federal Reserve stops buying bonds from financial institutions and does not reinvest the principal from the bonds it holds maturing, to purchase new bonds. It is usually positive for the value of the US Dollar.
- The Dow lagged the S&P 500 and Nasdaq even with the index parked near record highs.
- Stocks spiked on reports of a 60-day US-Iran ceasefire MOU that neither side has actually signed.
- Core PCE inflation hit a multi-year high while rate futures lean toward hikes, not the cuts bulls keep pricing.
The Dow Jones Industrial Average (DJIA) sat a hair higher into the New York afternoon, up roughly 0.10% on the day, which sounds respectable until you look sideways at the S&P 500 (+0.55%) and the Nasdaq (+0.79%) and notice the blue chips spent the session bringing up the rear.
The bid rests on two pieces of wishful thinking. The first is a report, citing US officials, that Washington and Tehran agreed a 60-day memorandum of understanding (MOU) to extend the ceasefire and open nuclear talks. The catch, and it is a big one, is that nobody with the authority to sign has signed: President Donald Trump has not given final approval, and Iran has not confirmed acceptance. Markets, as ever, traded the optimistic version first and left the fine print for later.
The intraday tape shows how reflexive it was. Futures got flushed toward 50,500 on a headline that Iran's Revolutionary Guard had struck a US airbase, then ripped close to 50,750 within minutes of the deal report crossing the wires.
Why the blue chips drew the short straw
The Dow's underperformance is mechanical, not mysterious. The index is price-weighted and light on the cloud and chip names doing the heavy lifting elsewhere. Snowflake's roughly 35% melt-up on blowout guidance and a $6 billion Amazon Web Services (AWS) commitment is a gift to the Nasdaq and S&P 500, not to a basket of industrials and staples. Worse, the same Crude Oil pullback that is broadly risk-positive drags on Chevron, one of the Dow's heavier components: cheaper energy lifts the wider market while weighing on the one big oil name the blue chips actually carry.
A truce that exists mostly on paper
Here is where the optimism gets stretched. US officials have framed the deal as essentially done, briefing that Iranian leadership had blessed the broad template and that only procedural sign-off remains. Iranian state media tell a different story. Outlets close to the Revolutionary Guard have signaled Tehran will not sign unless every clause is fully agreed and guaranteed, with the mechanism for unfreezing Iranian assets and the scope of a Lebanon ceasefire still unresolved. Iran's Supreme Leader has not given final approval, and that distinction matters: a template Washington "understands" to be endorsed is not the same as a signed document. Add Trump's standing demand that Iran surrender control of the Strait of Hormuz, and the gap between the headline and the actual paperwork looks wide. The market is pricing a done deal; the negotiators are still pricing a draft.
The inflation print the bid is ignoring
The macro story is where the wishful thinking gets expensive. The marquee release on this morning's 12:30 GMT docket was the core Personal Consumption Expenditures Price Index (PCE), the Federal Reserve's (Fed) preferred inflation gauge, and the surface read looked friendly: core prices rose 0.2% MoM, a tick under the 0.3% consensus and a slowdown from March. Look past the monthly noise, though, and the trend is unfriendly. Core PCE climbed to 3.3% YoY, the hottest in more than two years, while the headline rate hit 3.8% YoY, a three-year high. The driver is no mystery: the Iran war's energy shock, the very Strait of Hormuz disruption this "deal" is meant to unwind, has been bleeding through the consumer basket for months. The same batch of data showed first-quarter Gross Domestic Product (GDP) revised down to a 1.6% annualized pace from 2%, personal income flat on the month, and households running their savings rate down to a near four-year low just to keep spending. That is not a goldilocks backdrop.
So the "cooler inflation, cuts are coming" reflex powering the risk bid is, politely, a stretch. Rate futures are not pricing cuts at all; the market is leaning toward the Fed's next move being a hike, with roughly even odds of at least one increase by year-end and policymakers widely expected to sit on their hands until late 2026 at the earliest. New Fed Chair Kevin Warsh has floated that rates could eventually come down, but he is outnumbered on the Federal Open Market Committee (FOMC). In other words, equities are celebrating a dovish turn the people setting policy have not signed up for, which rhymes neatly with celebrating a peace deal the negotiators have not signed either.
Trading the divergence
The trend is intact. The daily chart holds well above the 50-period Exponential Moving Average (EMA) near 49,200 and far clear of the 200 EMA around 47,500, so this is a momentum pause until proven otherwise. The fuel is the problem: the 5-minute Stochastic Relative Strength Index (Stoch RSI) has rolled toward 37 while the daily reads a noncommittal level close to 50, the profile of a tape that has spent its good news.
Resistance is the 51,000 record zone, and a clean break through it needs an actual signature, not another "close" headline. First support is around 50,500, the level this morning's flush defended; lose it and 50,000 becomes the next psychological magnet, with the 50 EMA the deeper trend line. The calendar offers no rescue. With core PCE already out, the rest of the week thins to Friday's Chicago Purchasing Managers Index (PMI) and a steady parade of Fed speakers, none of it red-band, which leaves the political binary squarely in charge. Trump's signature, or an Iranian rejection surfacing through Tehran's media, will move this faster than any data point, and the same headline that reopens Hormuz is the one that decides whether the inflation problem eases or worsens. Lean with the trend, but keep the stop honest, because this is the kind of rally that unwinds on a single Truth Social post.
Dow Jones daily chart
Futures FAQs
The futures market is an exchange-based auction in which participants buy and sell contracts of an underlying asset at a predetermined future date and price. The set price is agreed upon today and is derived from the underlying asset. Futures contracts can be based on a wide range of assets, with commodities among the most popular, although currencies and indices are other common underlying assets. Futures prices depend on their underlying asset and act as a mechanism for firms, institutions, and large-position traders to manage risks through hedging.
Futures can be traded in different ways. The most common ways are via a regulated exchange or via Contracts For Difference (CFDs). In the former, liquidity is high and pricing is more transparent, with the broker serving only as an intermediary between you and the market. Still, it generally requires more capital. The largest futures exchanges are the Chicago Mercantile Exchange (CME) and the New York Mercantile Exchange (NYME). As for CFDs, these require less capital and thus trading is more flexible, but at the cost of less transparency.
The E-mini S&P 500 index, Crude Oil (Brent, WTI), Natural Gas, Gold, Silver, Copper, and soft commodities such as grains are among the most actively traded contracts. These offer strong liquidity and are closely followed by traders worldwide. Futures market volume consistently exceeds spot market volume, often significantly. This dominance is driven by leverage, hedging, and higher liquidity on exchanges.
Yes. Future gauges, particularly equity index futures such as those of the S&P 500 or the Nasdaq, are widely considered key gauges of market sentiment because they reflect investors’ expectations for the next session’s opening price. When equity futures drop, it is a sign of risk-aversion, signaling bearish market sentiment. On the contrary, rising equity futures suggest markets are risk on.
As a futures contract approaches its maturity date, the futures price converges upon the spot price, becoming almost identical at expiration. However, prices can diverge significantly before the contract ends. A market is in contango when future prices are higher than spot prices, while the mirror image is called backwardation (when current prices are higher than future prices). For commodities, the normal state of the market is contango because holding the asset over time incurs costs such as storage or insurance fees. When markets turn from contango to backwardation – or vice versa – it signals a shift in the trend: a change from contango to backwardation is taken as a bullish sign, while going from backwardation to contango is generally considered bearish.
The Greenback resumed its decline on Thursday, coming under sudden selling pressure in the wake of news that the US and Iran have clinched a deal that could eventually end the conflict in the Middle East.
Here is what you need to know on Friday, May 29:
The USD Index (DXY) came under renewed downside pressure on Thursday, putting the 99.00 contention zone to the test in the wake of news regarding a US-Iran deal. The preliminary Trade Balance results are due on Friday, followed by the Chicago PMI and Wholesale Inventories data. Around the Federal Reserve (Fed), members Bowman and Paulson are also due to speak.
EUR/USD regained composure on Thursday, retesting the 1.1660 zone on the back of the strong retracement in the Greenback post-US-Iran news. All the attention will be on Germany’s flash Inflation Rate and the labour market report.
The better tone in the risk complex lent legs to GBP/USD, sending it back to the 1.3450 region after two daily drops in a row. The Nationwide Housing Prices are expected ahead of the speech by the BoE’s Governor Andrew Bailey.
After reaching four-week tops near 159.70, USD/JPY sparked a correction to the vicinity of 159.00 on the back of heavy pressure hurting the US Dollar. A busy calendar in Japan will see the Unemployment Rate, Retail Sales, Industrial Production and the Tokyo CPI.
AUD/USD bounced off the 0.7100 region and ended the day with modest gains, reversing two consecutive daily declines. Housing Credit figures and Private Sector Credit data will wrap up the weekly docket in Oz.
WTI remained on the back foot, approaching the $87.00 region per barrel as traders kept parsing a potential end to the Middle East conflict and the reopening of the Strait of Hormuz in the relatively near term.
Gold regained some poise and bounced off multi-week troughs near $4,360 per troy ounce. The marked downside in the US Dollar following the US-Iran deal news underpinned the precious metal’s recovery. However, the idea of a tighter-for-longer Fed is expected to keep bullion well under scrutiny.
- US-Iran ceasefire hopes pressure the US Dollar and boost risk appetite.
- Core PCE stays hot, keeping Fed hike bets alive.
- Australian household spending slump limits upside for the Aussie.
The Australian Dollar (AUD) advances some 0.25% against the US Dollar (USD) on Thursday amid reports that Iran and the US reached a deal, as economic data in the US showed the economy grew at a slower pace than projected. At the time of writing, AUD/USD trades at 0.7158, after bouncing off daily lows of 0.7097.
AUD/USD rebounds as risk appetite improves after Axios ceasefire report
The US Dollar is falling on Axios news that the US and Iranian negotiators have agreed to a 60-day memorandum of understanding aimed at extending the ceasefire and opening talks on Iran’s nuclear program. Nevertheless, the agreement still awaits final approval from President Donald Trump and senior leadership on both sides.
The US Dollar Index (DXY), which tracks the Greenback's performance against its peers, is down 0.25% to 98.97 amid improved risk appetite.
US inflation in April held above the 3% threshold, with the Core PCE Price Index—the Fed’s preferred inflation gauge—rising to 3.3% YoY from 3.2%, driven by elevated energy prices tied to the US-Iran war. Headline figures expanded by 3.8% YoY as expected, up from March’s 3.5%.
The US economy grew lower than expected in Q1 2026, with GDP surging just 1.6%, down from 2% in the second estimate, according to the US Bureau of Economic Analysis. The Labor Department also reported that Initial Jobless Claims rose to 215K in the week ending May 23, above expectations of 211K.
Federal Reserve (Fed) commentary remained mixed. St. Louis Fed President Alberto Musalem warned that a rate hike could be needed if inflation fails to cool. At the same time, New York Fed President John Williams said policy is appropriately positioned given the outlook.
In Australia, household spending fell 1.1% in April, according to the Australian Bureau of Statistics (ABS), below economists' estimates of a 0.4% contraction.
Ahead, the Aussie’s schedule is absent. In the US, traders await speeches by Federal Reserve officials ahead of entering their blackout period.
AUD/USD Price Forecast: Technical outlook
In the daily chart, AUD/USD trades at 0.7168. The pair holds a modest bullish bias as it sits above the latest simple moving average from the triple set around 0.7104 and respects the rising trend-line support zone projected near 0.7133. The Relative Strength Index (14) hovers slightly above the midline near 51, hinting at steady but not overstretched upside momentum as price consolidates around the day’s opening pivot at 0.7168.
On the downside, immediate support is seen at the intraday pivot and prior open around 0.7168, with the clustered rising trend-line breaks near 0.7133 reinforcing a broader demand band ahead of the simple moving average support by 0.7104. A deeper slide could expose the former downward trend-line break level near 0.6454 as a more distant structural floor. On the topside, bulls would need to clear successive resistance defined by the higher upward trend-line break projections at 0.7777 and 0.8182 to reclaim a more assertive medium-term uptrend.
(The technical analysis of this story was written with the help of an AI tool.)
Australian Dollar Price Today
The table below shows the percentage change of Australian Dollar (AUD) against listed major currencies today. Australian Dollar was the strongest against the US Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.26% | -0.14% | -0.22% | -0.36% | -0.36% | -0.54% | -0.43% | |
| EUR | 0.26% | 0.11% | 0.02% | -0.10% | -0.10% | -0.26% | -0.17% | |
| GBP | 0.14% | -0.11% | -0.09% | -0.22% | -0.21% | -0.37% | -0.30% | |
| JPY | 0.22% | -0.02% | 0.09% | -0.15% | -0.14% | -0.33% | -0.21% | |
| CAD | 0.36% | 0.10% | 0.22% | 0.15% | 0.00% | -0.17% | -0.08% | |
| AUD | 0.36% | 0.10% | 0.21% | 0.14% | -0.01% | -0.16% | -0.08% | |
| NZD | 0.54% | 0.26% | 0.37% | 0.33% | 0.17% | 0.16% | 0.09% | |
| CHF | 0.43% | 0.17% | 0.30% | 0.21% | 0.08% | 0.08% | -0.09% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Australian Dollar from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent AUD (base)/USD (quote).
- WTI swings sharply as traders weigh fresh US-Iran attacks against truce headlines.
- Oil prices reverse earlier gains after Axios reports preliminary US-Iran agreement.
- Lingering uncertainty over the Strait of Hormuz keeps Oil prices elevated.
West Texas Intermediate (WTI) crude Oil sees sharp two-way price swings on Thursday as traders track rapidly changing US-Iran developments. At the time of writing, WTI is trading little changed around $88 per barrel after hitting an intraday high of $91.27.
Earlier in the day, crude prices jumped after reports of fresh attacks in the Middle East, with US armed forces targeting Iranian military sites and Iran claiming it had targeted a US airbase in the Gulf region. However, gains quickly reversed after an Axios report said the US and Iran had reached a preliminary agreement, sending WTI down to an intraday low near $86.28.
According to the report, the two sides agreed on a 60-day memorandum of understanding (MOU) to extend the current truce, though the deal still awaits final approval from US President Donald Trump.
The latest developments raised hopes that both sides may be moving closer toward a deal. Still, Oil prices did not fall much as traders waited for more details and confirmation of a final agreement, keeping WTI trading near the lower end of its recent war-driven range.
Major differences also remain unresolved, including Iran’s nuclear program and control over the vital Strait of Hormuz. On Wednesday, the US Treasury announced new Iran-related sanctions on the newly formed Persian Gulf Strait Authority.
US Treasury Secretary Scott Bessent said on Thursday the US “won’t tolerate a tolling system in Hormuz” and warned that “any willing partners in tolling in the Strait of Hormuz will be penalized.”
WTI Oil FAQs
WTI Oil is a type of Crude Oil sold on international markets. The WTI stands for West Texas Intermediate, one of three major types including Brent and Dubai Crude. WTI is also referred to as “light” and “sweet” because of its relatively low gravity and sulfur content respectively. It is considered a high quality Oil that is easily refined. It is sourced in the United States and distributed via the Cushing hub, which is considered “The Pipeline Crossroads of the World”. It is a benchmark for the Oil market and WTI price is frequently quoted in the media.
Like all assets, supply and demand are the key drivers of WTI Oil price. As such, global growth can be a driver of increased demand and vice versa for weak global growth. Political instability, wars, and sanctions can disrupt supply and impact prices. The decisions of OPEC, a group of major Oil-producing countries, is another key driver of price. The value of the US Dollar influences the price of WTI Crude Oil, since Oil is predominantly traded in US Dollars, thus a weaker US Dollar can make Oil more affordable and vice versa.
The weekly Oil inventory reports published by the American Petroleum Institute (API) and the Energy Information Agency (EIA) impact the price of WTI Oil. Changes in inventories reflect fluctuating supply and demand. If the data shows a drop in inventories it can indicate increased demand, pushing up Oil price. Higher inventories can reflect increased supply, pushing down prices. API’s report is published every Tuesday and EIA’s the day after. Their results are usually similar, falling within 1% of each other 75% of the time. The EIA data is considered more reliable, since it is a government agency.
OPEC (Organization of the Petroleum Exporting Countries) is a group of 12 Oil-producing nations who collectively decide production quotas for member countries at twice-yearly meetings. Their decisions often impact WTI Oil prices. When OPEC decides to lower quotas, it can tighten supply, pushing up Oil prices. When OPEC increases production, it has the opposite effect. OPEC+ refers to an expanded group that includes ten extra non-OPEC members, the most notable of which is Russia.
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