Commodity Alert: Crude Oil Prices Continue to Rise on Saudi Comments
Crude oil prices continued to rise, still supported by lower than expected rise in U.S. inventories and after Saudi Arabia reaffirmed its commitment to curtail production. Saudi Arabia, the de-facto leader of the Organization of the Petroleum Exporting Countries (OPEC), along with some non-OPEC members led by Russia, agreed in December to extend oil output cuts until the end of 2018. The deal to cut oil output by 1.8 million barrels a day (bpd) was adopted last winter by OPEC, Russia and nine other global producers. The agreement was due to end in March 2018
(Impact: Positive for Crude Oil)
Source: Investing
More Will update Soon!!!!
