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Crude oil is back on the rise supported by political tensions and expectations of cut production
yesterday's trading after recording a two-month high. The recovery in prices is
supported today by political tensions in the Middle East and the resulting supply sector.
US crude futures traded at $ 65.89 a barrel, after hitting a high of $ 65.96 a barrel, while opening today's session at $ 65.49 a barrel, and hit a low of $ 65.49 a barrel.
Crude oil prices rose amid growing geopolitical tensions as expectations grew that the United States could re-impose sanctions on Iran.
Oil has also received support from Opec members as Saudi Arabia and Russia have confirmed their aims to expand the cut-off agreement, and Iraq, OPEC's second-largest producer, said on Monday it also backed an OPEC deal to cut oil production.
Also behind-the-scenes talks between the United States and China to avoid a trade war looming between the two largest economies in the world that also helped support global markets including crude oil futures.
http://economy-news.net/content.php?id=11717
yesterday's trading after recording a two-month high. The recovery in prices is
supported today by political tensions in the Middle East and the resulting supply sector.
US crude futures traded at $ 65.89 a barrel, after hitting a high of $ 65.96 a barrel, while opening today's session at $ 65.49 a barrel, and hit a low of $ 65.49 a barrel.
Crude oil prices rose amid growing geopolitical tensions as expectations grew that the United States could re-impose sanctions on Iran.
Oil has also received support from Opec members as Saudi Arabia and Russia have confirmed their aims to expand the cut-off agreement, and Iraq, OPEC's second-largest producer, said on Monday it also backed an OPEC deal to cut oil production.
Also behind-the-scenes talks between the United States and China to avoid a trade war looming between the two largest economies in the world that also helped support global markets including crude oil futures.
http://economy-news.net/content.php?id=11717
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