Oil Prices Surge Amid Positive News From OPEC

Oil prices rose on Thursday in Asia amid some positive trade news that indicated the United States and China would be able to reach an agreement to resolve their long-running trade dispute.

Traders kept up the session on Wednesday in the crude oil futures market, although they learned from the media that the American Petroleum Institute had recorded an increase in inventories in the United States last week.

The modernization is said to have indicated an increase of about 1.3 million barrels of oil in the reserves during the seven days to February 15. This was offset by a clear reduction in gasoline reserves of 1.6 million, while the volume of distillates decreased by less than 800,000. barrel. On the other hand, the Special Report alleges that stockpiles at the Cushing, Oklahoma plant, increased by 3.2 million barrels.

Putin, King Salman praises Opec + deal, energy fold

In other news, presidential spokesman Dmitry Peskov said on Thursday that President Vladimir Putin and Saudi King Salman bin Abdul Aziz al-Saud praised the reduction of oil production approved by the Organization of the Petroleum Exporting Countries (OPEC) and other major oil producers. Russia. During their telephone conversation earlier this week, the two officials also agreed that the level of cooperation in the energy sector between Moscow and Riyadh was at a good level.

"The interaction of the Russian Federation and Saudi Arabia in the international energy markets will continue, and the effectiveness of this interaction has been greatly appreciated by the king and the Russian president," Piskov said. Commenting on Putin's possible visit to Saudi Arabia, the official said that "the dates of the visit will be more coordinated and agreed upon through diplomatic channels."

Oil contracts

  • Crude Oil Western Texas Intermediate crude rose 0.4% to 57.39 US dollars at 11:28 CET.
  • Meanwhile, Brent crude futures rose 0.2% to $ 67.19.

Disclaimer: Trading in foreign exchange market (Forex) includes the risks and the possibility of loss. That is why we are keen on providing the highest quality news and analysis concerning the ...

more
How did you like this article? Let us know so we can better customize your reading experience. Users' ratings are only visible to themselves.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.