News Update for CFDs

Oil prices spring up with refreshing prospects of output cut

Oil prices recorded a rise today with more big oil producers coming into the agreement to slash production. This is part of a move by the producers to cut down on global supplies; such cut been deemed very necessary in reviving oil prices that have been on a great decline for some long time now.

Prices of crude U.S had risen up to $53.07, such notable increase in prices by 3.05%. This is a really significant development since oil prices had dropped down by the end of last week. Brent on the other hand had traded at $55.84, marking a gain of 2.38% from where prices finished Friday.

Worries of traders have been put to bed with the fresh consent of some major producers to join in the proposed cut in global production by 1.2 million barrels per day (bpd) till the middle of next year 2017.

 

Oil prices still doing well supported by hopeful OPEC cuts


Oil prices turned around from the losses it suffered earlier on today. The late gains in oil prices come as members of the organization of petroleum exporting countries (OPEC) had calmed the fears of customers by assuring them they would slash crude supplies which come as a component of OPEC agreement to cut down on output. Earlier today, oil prices dropped down to its least point in a week with the US dollar recording big gains on the decision of the US Fed to push up U.S. interest rates.

The dollar had gone up approaching 14-year highs against its rival currencies following the decision of the U.S. Federal Reserve on Wednesday to increase interests rates for the first time in almost twelve months. When the dollar noticeably get stronger it affects oil prices.

Brent futures for February delivery had gone up by 36 cents today, this amounting to an increase of 0.7% pulling up prices to $54.26 a barrel. U.S. crude on the other hand went up by 19 cents, this amounting to a slight increase of 0.4%; bringing it to $51.23 per barrel.