Crude Oil price edged higher on Friday 6-December, with the US crude trading near a 2-month high-level after the OPEC agreed to hike output curbs about 50% in the threshold 2020.
WTI oil futures were up by at USD58.45-per-bbl in early trade. The last day, the WTI oil futures rose its high level at USD59.12-per-bbl, which was noted the highest since Sept end.
The OPEC along with its associate countries including Russia have agreed to more output cuts to control the oversupply in the threshold 2020 as economic growth slugs amid the trade war between the United States and China. Avail Stock Tips check out our website.
Meantime, the media reported that a group of ministers representing OPEC & non-OPEC producers led by Russia suggested the slash be made, as per Russian Energy Minister Novak on Thursday, and its conclusion may become effective in the OPEC continuities meeting scheduled to start later on Friday in Vienna. Get more updates on Crude oil Commodity from website.
Further, it is notable that higher oil prices are also supporting the Saudi Aramco’s IPO, which reportedly sold 3 billion shares at 32 riyals or USD8.53, each.