Crude oil price have surged to nine-week high as ongoing expectation of tightening oil supply continue to support the market despite with fears of rate hike from Fed. According to reports, Saudi Arabia and Russia, have pledged to deepen supply cuts in August.Saudi Arabia have announced that it would extend its voluntary one million barrel …
Crude oil price have surged to nine-week high as ongoing expectation of tightening oil supply continue to support the market despite with fears of rate hike from Fed. According to reports, Saudi Arabia and Russia, have pledged to deepen supply cuts in August.
Saudi Arabia have announced that it would extend its voluntary one million barrel per day (bpd) oil output cut for another month, to include August and the cut might could also be extend past August. Alexander Novak, the deputy prime minister of Russia, announced shortly after Saudi statement that Moscow would also reduce oil exports by 500,000 barrels per day in August.
Also supporting crude prices, he U.S. dollar hit a two-week low after latest jobs data revealed that job growth in the country was weaker than anticipated, however it was still robust enough to likely prompt the Federal Reserve (Fed) to continue hiking interest rates later this month as it has hinted, bolstering oil prices.
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