empty
 
 

2017.07.2423:00:00UTC+00Oil Extends Winning Streak as OPEC Looks to Cap Nigeria Production

Crude prices continued to advance after OPEC made a move to limit Nigerian oil production and Saudi Arabia promised to restrict exports next month to help curb global oversupply.

Brent crude futures edged up 7 cents at $48.67 a barrel after finishing up 54 cents or 1.1 percent. U.S. WTI crude futures rose by 10 cents, trading at $46.44 per barrel.

OPEC member Nigeria has been excluded from the group's dead with non-OPEC oil producers led by Russia to reduce output by a total of 1.8 million bpd from January 2017 to March 2018.

On Monday, OPEC reached a consensus that Nigeria would participate the agreement by limiting or even reducing its production from 1.8 million bpd, once it steadies at that level from the recent level of 1.7 million bpd.

Oil was also backed by comments from Saudi Energy Minister Khalid al-Falih, who said the his nation would put a ceiling level on crude oil exports at 6.6 million barrels per day in August, almost 1 million bpd below levels a year ago.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS


Can't speak right now?
Ask your question in the chat.
Widget callback