Economy

Crude Oil Rises Above $66 on OPEC Bullish News

Crude Oil Rises Above $66 on OPEC Bullish News

Numbers of bullish news have changed oil market outlook in the last few days as traders are now seeing higher prices despite slowing global growth.

The OPEC, in its latest monthly oil report, said total oil production dropped by 800,000 barrels per day to 30.8 million in January. Suggesting the cartel is keeping to its December production cuts agreement.

Still, the political unrest in Venezuela and the new sanctions imposed by the U.S. government on Venezuela exports are some of the factors that drove prices higher.

The Brent crude oil, against which Nigeria’s crude oil is measured, rose by 0.30 per cent on Monday during Asian trading session to US$66.61 a barrel.

While the U.S. West Texas Intermediate climbed by 0.57 per cent to US$56.30 a barrel.

Financial market traders said crude oil and the rest of the financial markets were generally supported by the positive comments from the negotiating team of both China and the United States on trade.

“Positive signs in the U.S.-China trade talks helped boost sentiment across markets,” ANZ bank said on Monday.

Samed Olukoya

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.