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Oil futures rose after Saudi energy minister hinted at longer-term OPEC cooperation

by | 22 Jan, 2018

Nordstrom Kohl's Target Macys

Saudi Arabian energy minister Khalid A. Al-Falih

Crude futures edged higher this morning thanks to comments from Saudi Arabia’s energy minister, who said cooperation between major oil producers would continue beyond 2018.

Khalid A. Al-Falih told reporters on Sunday: “We shouldn’t limit our efforts to 2018 – we need to be talking about a longer framework of cooperation.” He added, “This doesn’t necessarily mean sticking barrel by barrel to the same limits or cuts that we signed up to in 2016, but assuring stakeholders, investors, consumers and the global community that this is something that is here to stay.”

Strong global economic growth, alongside a drop in U.S. drilling activity was also supporting crude according to traders, as Brent Crude oil futures rose above $63.53 a barrel.

A multitude of factors including the closure of the Forties pipeline, social unrest in Iran as well as strong commitment to production cuts from OPEC nations have led Brent Crude prices to highs not seen since 2014/15.

Click the link below to find out more about the rise in oil and how you can profit from it as an investor.

Related: How to make money from the bull run in oil prices even if you missed it so far

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ALL RIGHTS RESERVED © INVSTR LTD. 2018

Risk Disclosure:
Invstr is a technology platform, not a registered broker-dealer or investment adviser. Invstr does not offer its own recommendations of any security or provide its own research to any user regarding any security transaction or order.
Please note, investing involves risk and investments may lose value. Past performance does not guarantee future results.
Brokerage services are provided by the following:
US-traded securities, including fractional trading, are provided to Invstr users by DriveWealth LLC, a regulated member of FINRA/SIPC. DriveWealth may not establish investment accounts to residents of certain jurisdictions. For more information, including disclaimers, risk and transaction fees click here.
India account traded securities are provided by SIC Stocks & Services PVT Ltd. SIC does not make any personal recommendations to buy, sell or otherwise deal in investments. Investors make their own investment decisions. The services and securities provided by SIC may not be suitable for all customers and, if you have any doubts, you should seek advice from an independent financial adviser. For more information and disclaimers, click here.

 

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