Crude stabilizes on hopes for extended output cut, but American oil exports drag

Crude stabilizes on hopes for extended output cut, but American oil exports drag

On Thursday, crude prices stabilized on hopes that Russia and Saudi Arabia would managed to extend output cuts, though record American exports affected the market.

Brent crude futures LCOc1 hit $55.89 a barrel soaring 0.16% from their last close.

On Wednesday, Russian President Vladimir Putin told that a promise by the Organization of the Petroleum Exporting Countries as well as other producers, including Russia, to reduce crude output to back prices could be extended to the end of next year.

Putin and Saudi Arabia’s King Salman will most probably reach an agreement to extend the OPEC/non-OPEC output deal, although with a strong commitment to tame the cuts, as some financial experts state.

The pact on reducing crude output by nearly 1.8 million barrels a day took effect in January 2017.

West Texas Intermediate crude futures CLc1 reached $49.97 a barrel, losing 1% from their previous close.


Latest news

Evergreen buck heads north

On Friday, the evergreen buck rallied versus its counterparts after data disclosed that the American economy generated more jobs than anticipated In October, thus backing the Fed’s case to proceed with gradual rate lifts…

Gold ascends on Brexit jitters

On Tuesday, gold rallied because uncertainty over the latest developments in Britain’s departure from the EU backed safe haven demand and traders looked ahead for American inflation data to underpin the Fed’s pledge to remain on hold…

Deposit with your local payment systems


A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Internal error. Please try again later

Beginner Forex book

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

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