Crude is still backed

Crude is still backed

On Friday, oil was still underpinned amid everlasting optimism as for the rebalancing of the crude market, while the partial closure of the major North-American pipeline generated supply disruption worries.

January delivery West Texas Intermediate crude futures gained 1.22% being worth $58.73 a barrel, which is the highest value since July 2015.

Additionally, January delivery Brent futures stood still trading at $63.55 a barrel.

Crude prices leapt reacting to news that an oil spill provoked the partial closure of the Keystone pipeline, which connects Canadian oilfields with America on Friday.

Oil was already underpinned after the EIA informed on Wednesday that crude inventories edged down by 1.9 million barrels the previous week, thus marking the first sag for three weeks.

The commodity obtained an extra boost from ascending signals that the Organization of Petroleum Exporting Countries along with its allies is going to agree to extend supply curbs beyond March.

 

Similar

Popular

Yen climbs up in Asia trade

On Friday, the Japanese yen leapt in Asia on safe-haven demand because political turmoil in Brazil reached risk sentiment and financial markets became cautious ahead of the weekend…

Pound tumbles vs yen

On Tuesday, the British pound sank versus the Japanese yen after a suspected terrorist attack at a concert in Manchester, while the common currency hovered close to a six-month peak versus the greenback after German Chancellor Angela Merkel told that the…

promotions you can be interested in

Deposit with your local payment systems

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Internal error. Please try again later

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera