Crude soars as oil producers are expected to cooperate beyond 2018

Crude soars as oil producers are expected to cooperate beyond 2018

On Monday, crude added, underpinned by news from Saudi Arabia that cooperation between crude producers, already withholding oil supplies, would remain beyond 2018.

Firm global economic surge and a sag in American drilling activity also underpinned this commodity, as some financial experts told.

Brent crude futures hit $68.84 a barrel, adding 0.34% from their previous close. On January 15 Brent futures inched up to $70.37, which is its highest value since December 2014.

American West Texas Intermediate crude futures reached $63.53 a barrel, earning 0.25% from their previous close. On January 16 WTI soared to $64.89 – their highest value since December 2014.

A bunch of crude producers including Russia and OPEC got down to withholding output in January 2017 to back prices. By the end of this year the deal will expire.

American drillers reduced five crude rigs by January 19, thus pushing the count down to 747.

 

 

Similar

The US Payrolls Bring New Hope for Gold
The US Payrolls Bring New Hope for Gold

The Us Bureau of Labor Statistics will release monthly average hourly earnings, non-farm employment change (NFP), and unemployment rate on June 3, 15:30 MT time (GMT+3).

Russian Oil Got Banned from Market
Russian Oil Got Banned from Market

This week started with the talk of the United States banning Russian oil exports, so XBR/USD saw $130 a barrel. Then the ban became reality. What does it really mean for the market?

Latest news

Increased Volatility is Coming
Increased Volatility is Coming

The Reserve Bank of Australia (RBA) will make a statement and release a Cash Rate on February 7, 05:30 GMT+2. It's among the primary tools the RBA uses to communicate with investors about monetary policy.

Market Crash Incoming?
Market Crash Incoming?

This week may be the most important since the year started as the Fed assess the economic outlook and the US presents fresh NFP readings.

What Currency Will Overperform?
What Currency Will Overperform?

S&P Global, a private banking company, will release a monthly change in British Flash Manufacturing Purchasing Managers Index (PMI) on January 24, 11:30 GMT+2. The index is a leading indicator of economic health as businesses react quickly to market conditions, and purchasing managers hold the most current and relevant insight into the company's view of the economy.

Deposit with your local payment systems

Feel the Team Spirit

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

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