Oil prices continue their growing before the output

Oil prices continue their growing before the output

By: Oliver Miller | Where To Trade | On:Wednesday, 28 December 2016
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 Oil prices kept their strong position, maintaining their level at 17-months record highs, despite the holidays. This happens due to investors that try to gain as much as possible now, before the output cuts in January 2017.

Even though the crude oil registered a low volume, on Wednesday the demand hit a 9-day record, registering a record, for the first time in 6 years.

OPEC and non-OPEC members decided to cut output with 1.2 million barrels per day starting January the 1 st, reaching an agreement for the first time since 2008.  

Russia and other non-OPEC members agreed and decided to cut the daily supply by 558,00 0 barrels per day, reaching a total of 1.8 million barrels per day  in output total. 

The U.S. crude oil futures went up to 54.15 dollars, by 0.46%. 
 Brent oil went up too, reaching 57.15. 

Oliver Miller

Oliver Miller

"Patience is the key for success"

Oliver Miller is one of the best financial analyst with 18 years of online trading experience

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