TELETRADER News
5/18, 11:55 AM (Source: TeleTrader.com)
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Crude trades higher on strong demand

Oil prices traded in the green on Friday amid boosted investment incentives due to a steady and strong demand that is expected to grow further over the summer period. Market watchers also continued to closely watch the developments of the Iran nuclear deal and the possible effects US-imposed sanctions could have on the Iranian oil supply and crude prices.

Meanwhile, OPEC continued to report record compliance with the output cut deal and the visible signs of market tightening. OPEC and other major oil producers led by Russia agreed to implement production caps of up to 1.8 million barrels per day in order to battle the prevailing market oversupply that is now almost dissolved. The deal is set to expire by the end of the year.

West Texas Intermediate for June delivery gained 0.28%, changing hands for $71.69 per barrel at 11:39 am CET while the international benchmark Brent for settlements in July rose 0.49% to trade for $79.70 per barrel at 11:41 am CET.

Breaking the News / VK