Crude leaps after Russia and Saudis tell supply cut could be extended to March 2018

Crude leaps after Russia and Saudis tell supply cut could be extended to March 2018

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.


Gold inches up

On Thursday, gold ascended because bullish traders took the Fed’s latest hawkish remark in stride and also targeted the $1,250 level for the purpose of recapturing ground lost earlier in the year…

Gold goes down

On Wednesday, gold sank after a two-day rally because a strengthening greenback took some of the bullish support from the yellow commodity because the Fed uncovered details from its latest policy gathering…

Gold rallies to 3-month maximums

On Monday, gold surged nearly 1% hitting the highest value for three months because a combination of fears over soaring American yields as well as the impact of trade clash, along with geopolitical risks and also a weaker greenback, backed demand for the…

Latest news

Greenback edges down

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…

Deposit with your local payment systems


A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Internal error. Please try again later

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

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