Trading news

Brent Could Restore to $36 per Barrel

Oil prices on Thursday are slightly up. Brent on March contracts is trading around $33.1 per barrel and WTI with March delivery is going for $32.2 per barrel.

The main reason for the growth is news from the Saudis and Russians about a possible reduction in extraction. After meeting with the Russian minister for energy, the head of Transneft, Nikolay Tokarev, announced that OPEC and Russia plan to meet in February to discuss a possible reduction in oil extraction in order to stabilise prices. It is interesting that the initiator for this suggestion to cut extraction has come from Saudi Arabia. This speaks volumes about the giant’s faltering and that the kingdom, despite its low extraction costs, is experiencing serious economic difficulties.

This news has given short-term support to oil quotes and we could well see a revival of prices to $36 per barrel.

On the whole, the likelihood of extraction being reduced by mutual agreement between the OPEC and non-OPEC countries is possible, but there won’t be a massive reduction. No one is preparing themselves for a significant drop in extraction.

Anna Kokoreva, Alpari analyst

Thursday, 28 Jan, 2016 / 12:39

Note: Company News is a promotional service of the Directory and the content isn't created by Finance Magnates.

Source : http://alpari.com/

Trading news

 

Sentiment Mixed, Speculation On US Tariffs

News sources indicate that the United States and China are planning on a delay [...]

Posted on Wednesday, 11 Dec, 2019 / 2:37 under

Palladium is nearby 2000$

Palladium continues to skyrocket towards $2000 per ounce. At the beginning of [...]

Posted on Wednesday, 11 Dec, 2019 / 1:42 under

Fed meets, new ‘dot plot’ could lift dollar

  Fed to stay on hold today; dollar may get a mild boost if [...]

Posted on Wednesday, 11 Dec, 2019 / 9:36 under