Crude Oil trades stuck in tight range ahead of crucial OPEC meeting

Oil prices stabilize on Monday as OPEC gathers online on Thursday to decide on extending production curbs. 

Iranian official Afshin Javan accuses OPEC of the current dire outlook for Oil prices and consumption in 2025.

The US Dollar Index rallies as Trump threatens BRICS with tariffs and the Euro struggles due to France’s budget situation. 

Crude Oil is still trading in a tight range on Monday, similar to levels seen last week,  ahead of the most crucial OPEC meeting ahead of 2025 to be held on Thursday. Before the gathering, Iranian official Afshin Javan threw the cat among the pigeons by issuing an opinion piece pointing to OPEC as the culprit for the current low prices. The main takeaway of the opinion piece was that OPEC has kept oil prices elevated for too long, financing its competitors to boost cheaper alternatives. 

The comments will likely be discussed and promise heated debates ahead of Thursday’s online meeting, in which OPEC is set to convene on the extension of its production curbs. 

Meanwhile, the US Dollar Index (DXY) – which measures the performance of the US Dollar (USD) against a basket of currencies – is rolling through markets. The index gains ground after Trump said over the weekend that he would impose tariffs if BRICS countries tried to replace the USD with their own reserve currency. 

The Euro (EUR), the main currency in the DXY basket, is struggling due to increasing odds of the French government falling as early as this week as Marine Le Pen threatened to support a no-confidence vote against the current prime minister unless the government accepts some of its demands about the budget. French Finance Minister Antoine Armand said Monday on Bloomberg television that France will not be held hostage, but markets have started to price in this political turmoil by punishing France’s sovereign debt.