Will the oil prices rise?
The organization of the petroleum exporting countries (OPEC) and non-OPEC oil producers (Russia) will meet on July 1-2.
Brent overleaps $65 for the 1st time since 2015
On Tuesday, Brent crude futures rallied above $65 a barrel for the first time since 2015 following the shutdown of the Forties North Sea pipeline, which knocked out considerable supply from a market, which was already tightening because of OPEC-led output cuts.
Brent crude futures hit $65.29 a barrel, soaring 0.9% from their previous close. It definitely marks the first time the benchmark has grown above $65 since June 2015.
American West Texas Intermediate crude futures reached $58.30 a barrel, gaining 0.5% from their previous settlement.
The UK’s Forties oil pipeline, which is the country's largest at a capacity of about 450,000 barrels a day faced an emergency shutdown after cracks were spotted.
The leap in Brent prices extended its premium to WTI prices to nearly $7 a barrel, jumping from approximately $5 the previous week and making American crude exports more attractive.
American output is currently not far off that of leading producers Saudi Arabia and Russia.
Similar
The rally for the yellow metal
The dovish Fed pushed the price for the yellow metal up.
Gold reaches new high
The price for the yellow metal has crossed the level at $1,341.
Latest news
British inflation tacks on for the first time this year
In July, Britain's inflation rate rallied for the first time in 2018, thus leaving many UK households feeling quite squeezed by prices, soaring at nearly the same tempo as their wages…
Evergreen buck heads north
On Friday, the evergreen buck rallied versus its counterparts after data disclosed that the American economy generated more jobs than anticipated In October, thus backing the Fed’s case to proceed with gradual rate lifts…
Gold ascends on Brexit jitters
On Tuesday, gold rallied because uncertainty over the latest developments in Britain’s departure from the EU backed safe haven demand and traders looked ahead for American inflation data to underpin the Fed’s pledge to remain on hold…
Deposit with your local payment systems
