Events in Libya pushed the oil price up. So what's the strategy to benefit from it?
Crude prices ascend on talk that OPEC could extend its supply cut
On Tuesday, crude grew on expectations that an OPEC-led output cut to prop up the oil market could be extended, while sturdy demand would also work to gradually erode a global fuel supply overhang.
Prices for front-month Brent crude futures hit $51.86 per barrel, growing 0.5% from their previous close.
Besides this, US West Texas Intermediate crude futures gained 0.3%, hitting $48.35 a barrel.
The Organization of the Petroleum Exporting Countries along with other producers including Russia has promised to reduce its output by nearly 1.8 million barrels per day etween January and June, thus trying to prop up crude prices and also rein in a global supply glut, which has dogged financial markets for nearly three years.
However, the given cutback hasn’t given the desired effect because compliance by involved exporters appears to be patchy and as other crude producers, including America, have stepped p to fill the gap, resulting in crude prices diving more than 10% since the beginning of 2017.
The oil prices experienced significant losses amid the US-Iran tensions at the beginning of the year. What's next?
Iran retaliates, Donald Trump will announce the next step by the US today. Gold flies up to $1,600 per ounce.
To be considered an official law, the Brexit paper just needs a signature of the Queen now. How does that affect the GBP?
Canada will publish the headline and core retail sales on January 24 at 15:30 MT time.
The European Central Bank will publish its monetary policy statement and announce the main refinancing rate on January 23 at 14:45 MT time.