Oil prices Amp Up as the Dollar Weakens

Oil prices edged higher as the dollar weaken and the expectations about Organization of the Petroleum Exporting Countries (OPEC) en masse with other producers will reduce its output since it's part of the deal in curbing the worldwide overproduction.

According to traders the prices appears to be buoyant due to the sluggish stance of greens which made fuel cost cheaper for countries that utilize foreign currencies

The oil further accumulated support from the issued reduction for crude production which includes major producers in Russia.

OPEC also mentioned that they would cut down the quantity they produced with 1.2 million barrels each day to 32.5 million bpd starting 1st of January. However, there are assumptions that the Austria-based company will not totally execute the declared cutback whereas the agreement of 50 to 80 percent are adequate to support petroleum purchase.