Oil Rose 9-Month High On Friday As OPEC Decided On Production Cuts

On Friday, a day after the OPEC group decided to steadily raise production by 500,000 barrels per day from January 1, oil continued to grow. On the January Nymex market, U.S. light crude oil (WTI) gained 1.4 percent to $46.26 a barrel, while the Brent contract for delivery in January advanced 1.1 percent to $49.25.

Over the week, 1.6 percent (WTI) and 2.1 percent (Brent) were gained by the two oil varieties, lining up 5 consecutive weeks of gains and rising to the highest in 9 months. Since the beginning of November, prices have rebounded by around 30 percent, backed by expectations of a demand recovery in 2021, as vaccination initiatives against Covid-19 are expected to improve the global economy.


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The 500,000 barrels per day rise is smaller than originally expected 2 million barrels per day and OPEC members will meet on a monthly basis to change their policy to take account of economic developments.

For the February futures contract on the Comex, gold stabilized at $1,840.00 per ounce (down -0.1 percent) on Friday, and rebounded 3 percent this week after dropping to a 5-month low. In expectation of a new economic stimulus package in the US, the dollar index, which calculates its evolution against the basket of six currencies (euro, pound sterling, yen, Swiss franc, Canadian dollar and Swedish krona) increased 0.11 percent to 90.82 points. The euro gave up 0.2 percent to $1.2116, close to its highest since April 2018. The yield on the 10-year T-Bond bounced 6 basis points to 0.97 percent in the U.S. government bond market.

The vast majority of stocks as part of the S&P 500, however, turned out to be in the black: 408 shares were more costly on Friday. The oil and gas sector stocks were among the leaders on our exchanges: Occidental Petroleum Corporation (OXY), Murphy Oil Corporation (MUR), Marathon Oil Corporation (MRO), Apache Corporation (APA), EOG Resources Inc (EOG) added more than 10 percent of the volume.

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