Observing news today one can easily get disappointed. However, things are getting better.
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.
XAU/USD reversed down from the $1,700 area and dropped to $1,586 on March 12.
Oil market crashed after OPEC+ didn’t agree on production cuts. What’s next? Let’s see what bank analysts have to say about this.
The British pound has increased in value over the course of the past week in line with an ongoing improvement in investor sentiment.
Economic activity in service sector in the Euro zone and the UK is on its lowest rates since 2009.
Jerome Powell made a rare appearance in the public media this Thursday. What did he bring to the audience?