According to yesterday’s news OPEC is considering further production cuts. The next meeting of oil-producing countries is scheduled for December 5-6. The announcement pushed the oil prices up yesterday.
Crude rallies as greenback keeps tumbling
On Friday, crude reversed earlier dives because everlasting weakness in the evergreen buck backed fuel consumption.
Brent crude futures hit $70.40 a barrel, sliding 3 cents from their previous close, having dropped to $70.07.
American West Texas Intermediate crude futures reached $65.52 a barrel, adding 1 cent from their previous settlement, reviving from a session-minimum of $64.91 a barrel.
On Friday, oil futures have obtained support from a weakening greenback that reached fresh 2014 minimums versus a basket of other major currencies.
Considering that crude is traded in US dollars, fluctuations in the US currency can also affect crude demand as it influences the price of fuel buying for countries utilizing other currencies.
American crude output is anticipated to reach 10 million bpd in the nearer future, having hit 9.88 million bpd the previous week.
Output has tacked on by more than 17% since mid-2016. It’s currently on par with the major exporter Saudi Arabia.
The remarks by Nigel Farage during the Brexit party's election event have sent the British pound higher…
The Reserve bank of New Zealand will release the monetary policy statement and its interest rate at 3:00 MT on November 13.
A calm trading session with the US-China trade updates in focus