Crude up 2%, extends gains on trading optimism

Markets 12/12/2018, 11:50 AM
Crude up 2%, extends gains on trading optimism

Oil prices traded in the green on Wednesday, extending gains from earlier in the session and added around 2% as investors grew more optimistic amid reignited hopes that the United States and China might reach a trade deal during the ongoing truce period. Meanwhile, investment incentives were also boosted by the Organization of the Petroleum Exporting Countries (OPEC) and other major oil producers' output cut deal.

Market watchers were also focused on the upcoming OPEC monthly report and the Energy Information Administration (EIA) data on the US crude oil stockpiles for last week due for release later today.

West Texas Intermediate for January delivery jumped 2.03%, changing hands for $52.69 per barrel at 11:36 am CET while the international benchmark Brent for settlements in February rose 1.78% to trade above $61 per barrel at $61.23 per barrel ar 11:37 am CET.

Breaking the News / VK


Brent Crude (...+0.28%

Chart for: F BRN 3/19

F WBS+0.21%

Chart for: F WBS 2/19