Forex Marketz Daily Forex News – Fully Markets Update
Crude oil rose this morning during the Asian trade session. The WTI contracts extended their gains after the Organization of the Petroleum Exporting Countries (OPEC) along with non-member nations led by Russia agreed to reduce production by 1.2 million barrels per day. This will begin in January.
Even with this supply cut, the outlook for oil remains muddled as prices have been pushed down, since October, by prospects of a global economic slowdown. The international benchmark, WTI Brent, has lost thirty percent of its value in this time.
Brent crude oil futures, as of 2:20 am GMT, were trading at $62.21 per barrel. This is up 54 cents, or 0.9 percent, from their Friday’s settlement.
US West Texas Intermediate (WTI) Crude contract was down a fraction during the Asian trade hours.
Crude Oil Surges Higher after Friday’s OPEC Announcement
The price of the black gold rose higher on Friday. This move comes after the Organization of the Petroleum Exporting Countries and non-OPEC countries, like Russia, announced they will reduce production by 1.2 million barrels per day. This includes a 800,000 barrels per day reduction by OPEC-members and 400,000 day by non-member nations.
The OPEC-led supply curbs will go into effect the first of January. This is measured against October 2018 production levels.
