After two days of talks, the major oil-producing countries committed to complying with the production quotas set at the end of 2016 to foster a rebound in oil prices. The lack of discipline of several members of the group remains a significant issue, leading several analysts to doubt the group’s ability to raise prices. Another meeting is scheduled for August 21.
North Korea is continuing to captivate attention, with the Washington Post reporting yesterday that North Koreans were now able to put nuclear warheads on long-range missiles. U.S. President Donald Trump warned of significant repercussions in addition to putting pressure on China to take concrete actions to find a solution.
Tensions with North Korea are serving as a pretext for profit-taking on most stock markets. As we go to press, WTI crude oil prices are on the rise, while the euro and Canadian dollar are relatively stable against the greenback.
Emmanuel Tessier-Fleury
Range of the day: 1.2635 – 1.2740