Crude rallies as Saudi Arabia considers extending supply cut

Crude rallies as Saudi Arabia considers extending supply cut

On Monday, crude grew after the Saudi oil minister discussed extending a pact to reduce global crude supplies beyond March 2018 with his Kazakh and Venezuelan counterparts.

News of Sunday’s negotiations helped to compensate downward pressure on crude prices amid concerns that energy demand would be affected heavily by Hurricane Irma as well as its aftermath.

October delivery American crude futures grew 0.8% trading at $47.87, having sunk 3.3% on Friday.

November delivery London Brent crude futures soared 0.4% hitting $54, having preciously decreased 1.3%.

Hurricane Harvey brought the American refinery use rate to a seven-year minimum, but mostly spared crude as well as petrochemical plants along the US Gulf Coast from considerable damage. After a series of shutdowns some units are currently resuming their output.   

OPEC along with other crude producers have decided to diminish crude output by nearly 1.8 million barrels a day through the end of next March for the purpose of reducing global crude inventories and backing crude prices.

Similar

WTI oil: too much for bulls?
WTI oil: too much for bulls?

Oil plunged several percent on Thursday. They say, the bullish rally was just too aggressive. Let's trade the dip then!

Bitcoin crosses $50,000!
Bitcoin crosses $50,000!

Another all-time high has juts been reached by the famous crypto asset. What next? $100,000?

Latest news

All eyes on US retail sales
All eyes on US retail sales

US retail sales will be out on Thursday, April 15, at 15:30 MT. It is a significant release for traders as it will impact the US dollar.

Deposit with your local payment systems

Learn more

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Next callback request for this phone number
will be available in 00:30:00

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

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