Crude Oil Futures Hold Near 3-month High

Crude oil prices are moving in a tight band amid thin holiday deals Tuesday morning.

Despite a sluggish display today, oil futures look set for their biggest yearly rise in three years.

West Texas Intermediate crude oil futures for February are up marginally at $61.72 a barrel.

On Monday, WTI crude oil futures for February snapped a four-session winning streak and ended down $0.04 at $61.68 a barrel, after rising to a high of $62.34 earlier in the day.

Oil’s recent uptrend is due to easing concerns about the outlook for energy demand following China and the U.S. agreeing on a trade deal. The two countries are most likely to sign the deal sometime in January.

Other significant factors that have contributed to oil’s rise are the decision of OPEC and allies to deepen output cuts and extend the period of cuts to March 2020, and the ongoing political unrest in the Middle East.

The material has been provided by InstaForex Company –

Source:: Crude Oil Futures Hold Near 3-month High

Won't your trader friends like this?
About the Author
InstaForex brand was created in 2007 and at the moment it’s a top choice of more than 2,000,000 traders. More than 1,000 clients open accounts with InstaForex every day. All InstaForex clients get great opportunities for effective trading on the forex market, as well as on-time technical and customer support

Related Posts

Leave a Reply