Oil rebounds as Saudi Arabia hints at supply cuts beyond 2017
BUZ INVESTORS Saudi Arabia hints This morning at 09:40 GMT, the commodity is trading at $46.13 per barrel, 0.73% lower from the New York close. The commodity traded at a high of $46.98 per barrel and a low of $45.99 per barrel this morning. On Friday, crude oil traded 2.38% higher in the New York session and closed at $46.47 per barrel, after Saudi Arabia assured that Russia is ready to join OPEC in extending crude production cuts to reduce a global supply glut. Immediate downside, the first support level is seen at $45.01 per barrel, while on the upside, the first resistance level is at $47.11 per barrel.
Crude oil futures were sent on a roller-coaster ride Monday morning, trying to retake the $47 level after Saudi Arabia’s oil minister said a deal to cut production could be extended into 2018.
The election of Emmanuel Macron, a pro-free trade centrist, as France’s next president also helped to assuage concerns that the European economy may see further headwinds.
West Texas Intermediate crude CLM7, -0.02% traded 24 cents higher, or 0.5%, at $46.45 a barrel, while July Brent LCON7, -0.08% on London’s ICE Futures exchange climbed 28 cents, or 0.6%, to $49.38 a barrel.
Saudi Arabia hints
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Crude Oil decreased 0.04 USD/BBL or 0.09% to 46.20 on Monday May 8 from 46.22 in the previous trading session. Historically, Crude oil reached an all time high of 145.31 in July of 2008 and a record low of 1.17 in February of 1946.
Crude oil is the world’s most actively traded commodity. Crude Oil prices displayed in Trading Economics are based on over-the-counter (OTC) and contract for difference (CFD) financial instruments. Our market prices are intended to provide you with a reference only, rather than as a basis for making trading decisions. Trading Economics does not verify any data and disclaims any obligation to do so. This page provides – Crude oil – actual values, historical data, forecast, chart, statistics, economic calendar and news. Crude oil – actual data, historical chart and calendar of releases – was last updated on May of 2017.
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