Oil prices gain as OPEC's cuts seem to be working
- 2 months ago
Oil prices are on the rise, as OPEC’s production cuts seem to be effective.
Brent Crude futures were up 1.7% at $55.82 a barrel while WTI (West Texas Intermediate) climbed by 1% to $46.98 per barrel.
Saudi Arabia announced cutbacks on production and indirectly so did the U.S. due to a negative outlook from gas and petrol executives, however OPEC's second biggest producer, Iraq, increased production to 3.73 million barrels per day in December form a previous of 3.37 million barrels per day in November.
Nevertheless, there is concern that demand too may be slowing down as global markets struggle to make progress into the new year, Asian and EU markets traded mostly negative following weak U.S. factory data and a slowing Chinese economy, not to mention Apple's cut of its revenue figures.
Source: Smart Trend Team