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.

 

 

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