Oil prices rise as OPEC chief talks up output cuts

Oil prices rise as OPEC chief talks up output cuts

Buz Investors Oil prices rise The commodity is trading at $54.10 per barrel at 10:40 GMT this morning, 0.76% higher from the New York close

Oil

Buz Investors Oil prices rise The commodity is trading at $54.10 per barrel at 10:40 GMT this morning, 0.76% higher from the New York close. Crude oil witnessed a high of $54.20 per barrel and a low of $53.59 per barrel during the session. In the New York session yesterday, crude oil fell 0.06% to close at $53.69 per barrel. Meanwhile, Saudi Arabia’s oil exports declined to 8.0 million barrels per day (bpd) in December, compared to 8.3 million bpd in the previous month. Immediate downside, the first support level is seen at $53.69 per barrel, while on the upside, the first resistance level is at $54.35 per barrel.



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Oil prices rise

Saudi Arabia’s oil exports declined to 8.0 million barrels per day

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 Oil prices rose more than $1 a barrel on Tuesday after OPEC said it was sticking to its agreement to cut production and hoped compliance with the deal would be even higher.

OPEC Secretary General Mohammad Barkindo said January data showed conformity from participating OPEC nations with output curbs had been above 90 percent and oil inventories would decline further this year.”All countries involved remain resolute in the determination to achieve a higher level of conformity,” Barkindo said in a conference speech in London.

Benchmark Brent crude oil jumped 46 cents, or 0.8 percent, a barrel to $56.64 by 10:42 a.m. ET (1542 GMT). It hit a high of $57.31 earlier in the day.

U.S. light crude was up 66 cents, or 1.2 percent, at $54.06, off a session peak of $54.68.



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Jadtecnic

Richard Dambrosi (JADTECNIC) Has Been Sharing FOREX INVESTORS ANALYSIS FORECAST since 2011. Editors and Founder of InvestorsBuz.com, has a passion for Forex Social Sharing analysis and Market Trends Such as Self Driving Cars, Electric Cars, Medical Marijuana, 3d printing and Cloud computing, Refers to Readers as BUZ INVESTORS.

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