Friday, 30 March 2018

Rising US output, Opec cuts to keep crude rangebound

WTI crude oil prices posted a biggest weekly gain in eight months, as they hit a 2-month high on surging geopolitical risk in the Middle East and prospects of an extension of Opec-led production cut into 2019. 

Rising concerns that sanction will be imposed on Iran after Donald Trump warned that the US would pull out from the nuclear deal, further supported the prices. Intensifying global trade war and rising US production may keep prices in the $58-66.8 range for some more time. 

Concerns over looming trade dispute between the United States and China that weighed on global markets may impact crude oil prices too due to risk-off sentiment. Last week, Industrial Commodities fell after the US President signed a memorandum that could impose tariffs on up to $60 billion of imports from China. If selloff in the equities and industrial commodities widens this week, certainly it will also hamper crude oil prices. 

Record US production and its possibility of surpassing t .. 

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