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On Monday, crude prices soared after the energy ministers of number one crude producers Saudi Arabia and Russia told that an OPEC-led crude output cut would be potentially extended from the middle of 2017 until March 2018.
Following the news, Brent crude futures reached $51.66 per barrel, growing 1.6% from its previous close.
American West Texas Intermediate crude futures hit $48.67 per barrel, soaring 1.7%.
On Monday, Saudi Energy Minister Khalid al-Falih as well as his Russian rival Alexander told in Beijing that a joint deal to reduce crude supplies to underpin prices would be extended from the middle of 2017 until end-March 2018.
Last year the Organization of the Petroleum Exporting Countries promised to reduce output by approximately 1.8 million barrels per day during the first half of 2017.
By the way, Russia along with Saudi Arabia control up to 20 million bpd in daily output, which is equivalent to a fifth of global crude consumption.
On Monday, the yellow metal managed to ascend, making its way towards their best outcome since April because the evergreen buck slumped on expectations that America and China would come to an agreement ending their long-lasting trade conflict…
On Thursday, gold inched down and then recovered because downbeat American economic data compensated optimism over trade negotiations between America and China…
On Monday, gold went down in Asia due to the fact that the evergreen buck managed to ascend…
Safe havens such as gold and Japanese yen declined as investors sentiment was boosted by eased geopolitical tensions…
On Tuesday, the euro tacked on because market participants waited for reports on inflation and growth in the euro zone, while the Japanese yen went down after Japan’s major bank told it would be more flexible in its huge stimulus program…
On Tuesday, the evergreen buck dived because the common currency bounced off and the UK pound managed to ascend to the day’s maximums reacting to reports that British Prime Minister Theresa May is going to take control of Brexit talks…
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