PT Equityworld - Crude oil prices edged higher in late trading on Thursday morning (29/12), close to its highest level since mid-2015, with the market waiting for evidence of OPEC supply cuts in the new year.
US crude oil futures price of West Texas Intermediate (WIT) closed up 16 cents, or 0.30 percent, at $ 54.06 for its best close since July 2, 2015. Crude oil prices International benchmark Brent futures fell 15 cents to $ 55.94 a barrel at 16:41 ET (2141 GMT). International benchmark reached $ 57.89 on Dec. 12, the highest since July 2015. Oil prices have risen 25 percent since mid-November, helped by expectations OPEC to cut supply and strong US economic data which have also been supported equity prices. Markets wait and see approach to the official start of the historic agreement reached by the Organization of Petroleum Exporting Countries (OPEC) and some non-OPEC members to reduce their production. The deal is set to be implemented from 1 January. Manufacturers OPEC and non-OPEC production is expected to decrease by nearly 1.8 million barrels per day (bpd), with Saudi Arabia, OPEC's largest producer, agreed to bear the bulk of the cuts. Iraqi Oil Minister Ali al-Jabar Luaibi said on Wednesday that his country, which has seen rapid growth in production in the last two years, to cut supply by 200000-210000 bpd from January. Luaibi said the visit to fellow OPEC member Kuwait that he had seen oil prices rise to $ 60 per barrel as the cuts will help ease the global glut of the past three years, according to the Kuwait news agency (KUNA). Iranian Oil Minister Bijan Zanganeh said on Tuesday he expects OPEC to comply with the agreement. "While competing, we have no involvement," as quoted by the Iranian news agency Shana. read Global Market After Christmas Doldrums | PT Equityworld
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