Stock market quotes, forex, financial news, forex tools –

Oil prices are growing on Saudi promises

 Breaking News
  • US Ministry of Energy predicts reduction of oil prices The US Ministry of Energy has published a monthly report, which turned out to be discouraging. It is expected that in the last quarter of this year the price for...
  • 28 Chinese companies are blacklisted by the US Everyone knows that just in few days two powerful states China and the USA – are starting the next round of the negotiations. Official Beijing has announced that it is...
  • Startup WeWork again in spotlight We have been writing about the startup WeWork, which was forced to postpone the initial public offering. They earn by renting commercial space for a long time in order to...
  • Massive cuts in HSBC HSBC Holdings Plc, the largest bank in Europe and one of the most significant and serious players in the global financial market, has announced the launch of a cost-optimization program....
  • Oil quotes still wait for negotiations Today, at 8.15 a.m. Moscow time, futures for Brent crude oil were trading in London for $ 58.31 per barrel. This is only 0.1% below the closing price of the...
Oil prices are growing on Saudi promises
July 24
13:00 2017

The other day, a meeting at the level of Ministries of Energy of the OPEC + countries was held in St. Petersburg. The implementation of the cartel’s agreements regarding the reduction of energy production was discussed there. During the meeting Saudi Arabia’s Minister of Energy Khalid A. Al-Falih said that since August the Kingdom would significantly reduce oil exports. It is planned to limit the level to 6.6 million barrels, which is one million barrels less than last year’s figures.

Also Alexander Novak, Minister of Energy of the Russian Federation, made a statement during the meeting in St. Petersburg. He said that the Monitoring Committee of OPEC + recommended the extension of the agreements on the production reduction in the first quarter of the next year.

Saudi Arabia’s Minister of Energy confirmed that in case of need the Kingdom would support the prolongation of the agreements.
On this news, oil prices are showing a pretty confident growth today. So, at the moment September futures for Brent crude oil are being traded on the London Stock Exchange ICE Futures at 48.56 USD per barrel. The growth is 0.5 USD or 1.04%.

September futures for WTI crude oil (traded on the New York Mercantile Exchange NYMEX) have grown to 46.17 USD per barrel. The growth amounted to 0.4 dollars or 0.87%.
Most likely, the growth will not stop there. Experts expect the energy price will continue to grow; further stabilization is expected.

The material was prepared with the participation of Andrey Majorov,
a leading analyst of the brokerage company CT Trade

Related Articles


No Comments Yet!

There are no comments at the moment, do you want to add one?

Write a comment

Write a Comment