" /> Crudeoil Up as Saudis to Work With Producers | Gold Silver Reports
Tuesday, October 25th, 2016 8:36 AM
Breaking News

Home / Articles / Crudeoil Up as Saudis to Work With Producers

Crudeoil Up as Saudis to Work With Producers

Crudeoil Up as Saudis to Work With Producers

Gold Silver Reports -Crudeoil Up as Saudis to Work With Producers to curb market fluctuations and China’s central bank stepped up efforts to support the economy.

West Texas Intermediate oil increased 3 percent. Saudi Arabia wants a stable oil market, according to state-run Saudi Press Agency. China reduced the amount of cash the nation’s lenders must lock away. The Organization of Petroleum Exporting Countries reduced production by 79,000 barrels a day this month.

“It’s the Saudis’ turn to talk up the market today,” said John Kilduff, a partner at Again Capital LLC, a New York-based hedge fund that focuses on energy. “The market is giving the oil producers the benefit of the doubt now. The move by the Chinese to cut the required reserve ratio is also giving the market support.”

Prices slipped to a 12-year low on Feb. 11 in New York amid speculation a worldwide surplus will be prolonged with U.S. crude stockpiles at the highest level in more than eight decades and the outlook for increased exports from Iran. A proposal to freeze output by Saudi Arabia and Russia is achievable and prices may rise to as high as $50 a barrel by the end of the year, Nigerian Minister of State for Petroleum Resources Emmanuel Ibe Kachikwu told CNBC.

WTI for April delivery rose 97 cents to $33.75 a barrel on the New York Mercantile Exchange. It was the highest close since Jan. 6. Prices advanced 0.4 percent in February, the first monthly gain since October. – Neal Bhai Reports

About Anil Yadav

Check Also

Gold Will Gain in 2017

Gold Silver Reports — Gold Will Gain in 2017 — Gold is set to advance by as much as …

We Make Ideas


Our site is objectively in letter and spirit, based on pure Technical Analysis. All other content(s), viz., International News, Indian Business News, Investment Psychology, Cartoons, Caricatures, etc are all to give additional ambiance and make the reader more enlightening. As the markets are super dynamic by very nature, you are assumed to be exercising discretion and constraint as per your emotional, financial and other resources. This blog will never ever create rumors or have any intention for bad propaganda. We report rumors and hear-say but never create the same. This is for your information and assessment. For more information please read our Risk Disclaimer and Terms of Use.

Technically Yours,

Team GoldSilverReports.com, New Delhi, INDIA