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Disclaimer:  Information provided here to retail and professional clients does not contain and should not be construed as containing investment advice or an investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance.

Extended OPEC Output Cuts Raise Oil Prices

May, 19 2017
watermark Economic news

The extension of production output cut from big oil producing countries caused the oil prices to rise. Oil future climbed to the highest in almost a month and key benchmarks reaching gains for two weeks. Brent crude LCOc1 increased by 0.5 percent adding 28 cents at  $52.79  while the U.S. crude oil CLc1 rose by 0.6 percent equivalent to 29 cents at $49.64 a barrel which is the highest since 26th of April. Investors are optimistic that production will reach an estimated 1.8 million barrels per day by the end of March 2018.


OPEC leaders and other oil producing countries will have a policy meeting on May 25 in Vienna. Although, there are signals indicating sufficient supplies from the Saudi Arabia being the biggest oil producer. Investors have mixed sentiment with conflicting concern from the drop in U.S. oil stocks and OPEC oil cuts.


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Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.