According to yesterday’s news OPEC is considering further production cuts. The next meeting of oil-producing countries is scheduled for December 5-6. The announcement pushed the oil prices up yesterday.
Crude gains on lower American crude stocks
On Thursday, crude markets ascended, underpinned by a fourth straight weekly decline in American crude inventories, although soaring output capped prices below the 2015 maximums hit earlier this week.
American West Texas Intermediate crude futures hit $56.74 a barrel, gaining 0.25% from their previous settlement.
As for Brent crude futures, this benchmark showed a reading of $62.77 a barrel, adding 0.5% from their previous close.
By December 8 American crude oil stockpiles went down by 5.1 million barrels, which is the fourth consecutive losing week, tumbling to 442.99 million barrels. It’s the lowest outcome since October 2015.
Market participants told that reports that the Organization of the Petroleum Exporting Countries, Russia as well as other non-OPEC producers might be considering output cuts beyond the current timeframe that actually sees curbs until the end of next year also underpinned Brent.
The remarks by Nigel Farage during the Brexit party's election event have sent the British pound higher…
The Reserve bank of New Zealand will release the monetary policy statement and its interest rate at 3:00 MT on November 13.
A calm trading session with the US-China trade updates in focus