Oil spikes on the tweet by Iran's foreign minister
The tweet by Iran's foreign minister increased the possibility of tensions in the region. It pushed the oil prices up.
Crude moderately rebounds in Asia
On Thursday, crude prices rebounded modestly in Asia because markets are waiting for full details of a widely anticipated extension of OPEC-led output curbs.
In New York, January delivery crude futures tacked on 0.21% being worth $57.42 a barrel. Meanwhile, in London, Brent futures added 0.32% reaching $62.73 a barrel.
OPEC along with key ally Russia is going to extend output curbs for up to nine months. Nevertheless, they’re on the verge of reviewing the deal in June of 2018 based on market conditions.
On Wednesday, six ministers from OPEC as well as non-OPEC crude producers including Russia and Saudi Arabia met in Vienna and made up their mind to extend the crude output curbs of 1.8 million barrels a day to the end of next year. They also discussed other related matters without providing further details.
Overnight, oil settled lower after data disclosing crude stockpiles dived for the second straight week didn’t manage to compensate a sudden build in product inventories ahead of the OPEC gathering.
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Crude's prices fall on the inventories' release
The release of crude oil inventories earlier today showed a surprise increase in the number of barrels.
Latest news
Market updates on September 20
We've got some positive news for the British pound and we are awaiting the release of the core retail sales for Canada at 15:30 MT.
Oil spikes on the tweet by Iran's foreign minister
The tweet by Iran's foreign minister increased the possibility of tensions in the region. It pushed the oil prices up.
Market updates on September 19
The European trading session will be highlighted by the events for the British pound. Traders will pay special attention to the BOE meeting at 14:00 MT.
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