Crude oil was trading around $48.60 today the day before the Organization of the petroleum exporting countries meet tomorrow. Crude oil touched off the $50 level last night again before retreating back over the course of the morning. Traders seem to be less interested in the meeting of OPEC tomorrow since the organization have made their thoughts clear that they feel prices in oil have shown good recovery and are headed in the right direction. It also seems very unlikely that OPEC will look at placing a cap on exports as some traders were predicting with the leading priority on their agenda being to select a new secretary-general.
As we enter the month of June the question of a Brexit will surely be casting a shadow over investors heads, the questions still heavily remains, “will England leave the EU?”. Polls are still showing no definitive signs, while politicians and even celebrities use all their power to try influence votes around them in both directions. Investors and Hedge funds are being forced to look for alternative investments rather than currencies at the moment, as although numerous analysts have come out and said that there will be no knock on affect from a Brexit, it is hard to ignore the warnings from English government, G7 and IMF about the global economic warnings if England decided to leave.