Oil Prices Rose After OPEC Improves Its Cuts Compliance
- Trade Magnates Team
- Nov 1, 2017
- 1 min read
Trade Magnates - Oil prices rose on Wednesday after data showed that OPEC has improved it supply cuts limit and amid expectation of crude oil prices hike on December by Saudi Arabia, the major and top oil exporter in the world.
Crude prices were boosted following news OPEC's October output declined by 80,000 bpd to 32.78 million bpd. Oil prices are reaching years high with WTI crude oil was trading at around 55$ per barrel while Brent was near 61.40$ per barrel.
Meanwhile, Russia has kept to the deal of cutting oil production responding to OPEC efforts to cutting oil production aiming to strengthen the markets.
Investors and traders are expecting official U.S. stockpiles data to be released on Wednesday by the U.S. Energy Information Administration.