empty
 
 

2021.02.0119:22:00UTC+00Oil Futures Settle Higher As OPEC, Saudi Arabia's Production Cuts Take Effect

Crude oil futures ended sharply higher on Monday amid optimism about vaccination rollout picking up pace and as the Organization of the Petroleum Exporting Countries and its allies' production cut agreement became effective.

Saudi Arabia's unilateral move to cut crude output by 1 million barrels per day contributed as well to the jump in oil prices.

West Texas Intermediate Crude oil futures for March ended stronger by $1.35 or about 2.6% at $53.55 a barrel.

Brent crude futures were up $1.43 or 2.6% at $56.45 a barrel a little while ago.

OPEC's joint technical committee will meet on Tuesday. A day later, the agency's Joint Ministerial Monitoring Committee that includes delegates from Russia, Kaxakhstan and others, is scheduled to meet.

  • 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 $1000 more!
    In April we raffle $1000 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