empty
 
 

2019.02.1515:23:00UTC+00Crude Oil Futures Settle At Near 3-month High

Crude oil futures ended sharply higher on Friday, lifted by recent data showing declines in crude output from OPEC. Traders also felt that Saudi Arabia's decision to increase the level of output reduction will significantly tighten crude supply in the market.

Expectations that the U.S.-China trade talks that will continue in Washington next week will help resolve the disputes between the two largest economies in the world and allay fears about energy demand pushed up oil prices.

West Texas Intermediate Crude oil futures for March ended up $1.18, or 2.2%, at $55.59 a barrel, a near 3-month high.

On Thursday, crude oil prices ended up $0.51, or about 1%, at $54.41 a barrel.

For the week, crude oil futures gained as much as 5.4%.

In January, OPEC cut output by nearly 800,000 barrels per day, just short of the proposed reduction of 812,000 barrels per day.

Earlier this week, Saudi Arabia said that it plans to produce around 9.8 million barrels per day of oil in March, more than half a million barrels per day below its pledged production level.

The partial closure of Safaniya offshore oil fields in Saudi Arabia too contributed to oil's uptick today.

Baker Hughes reported today that U.S. oil firms increased the number of oil rigs by three this week, bringing the total rig count to 857.

In its monthly report this week, the International Energy Agency warned that the global oil market will struggle to absorb fast-growing crude supply from outside the Organization of the Petroleum Exporting Countries.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS


Can't speak right now?
Ask your question in the chat.
Widget callback