OPEC and non-OPEC members agreed on a oil cut output

OPEC and non-OPEC members agreed on a oil cut output

By: James Ansher | Where To Trade | On:Monday, 12 December 2016
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   On Monday, oil prices went up reaching their highest level in almost a year and a half. This happens after the OPEC and non-OPEC members agreed on a oil cut output. 

The U.S dollar gained before the Federal Reserve meeting this week, and both the markets and investors are expecting a rite hike. 
The deal between OPEC and non-OPEC members for oil production is the first type of action in 15 years, after in 2001 to 2003 low oil prices brought tension to the government's budgets and sharpened regions like Latin America and Middle East. 

Brent futures rose 4.4% to 56.72 dollars per barrel, while U.S. crude went up 4.8% to 53.98 dollars per barrel.
The rose of oil prices came after the Friday's data on producer prices in China, data that showed worrying results and made investors wonder if a inflation will soon be a pressure thing. 

In Asian trade, the 10-year U.S. Treasuries yield went higher by 2.5%, reaching its 2015 record. 
On the other hand, the European shares  were expected to open higher after record gains in the STOXX 600. Markets and investors were hoping for FTSE and DAX to have strong openings. 

In Japan, Nikkey went up 0.8%, closing at a record high since December of 2015. 
Even though some Asian stocks traded higher, investors were cautious, influenced by the emerging markets' inflow and outflow perspectives. 

The U.S. consumer sentiment index was, in a preliminary poll on Friday, at its highest since 2015, showing that the Fed strike would send a positive vibe to U.S.'s economic outlook. The final policy meeting of 2016 will start on Tuesday. 

 

James Ansher

James Ansher

When there is a will there is a trade

A successful Forex trader and expert advisor

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