Oil Prices at Their Highest Since March Amid Expectation of Output-Cut Extension
- Trade Magnates Team
- Oct 29, 2017
- 1 min read
Oil prices moved higher with Brent Oil rising above $60 per barrel on Friday after the bullish comments by Saudi Arabia Crown Prince Mohammed bin Salman that OPEC will agree to extend output cuts beyond March 2018 and as the dollar retreated from three-month peaks.
Crude oil prices reached at their highest since March after Saudi Arabia Crown Prince Mohammed bin Salman commented to the media on Thursday that the kingdom would support extending output cuts to rid the market of excess supplies, the Saudi comments came weeks after Russia has encouraged the idea of extending the output cut.
Meanwhile, the dollar lost its earlier gains versus other majors following President Donald Trump’s comment that he is leaning toward Federal Reserve Governor Jerome Powell as his pick to head the U.S. central bank.
A weaker dollar makes the dollar denominated commodities, including oil, cheaper for holders of other currencies.