Brent crude oil surge almost 10%

Virginia Carson
December 27, 2018

However, the market seems to be ignoring this move as oil prices are continuously falling in the worldwide market despite this production cut.

Meanwhile, Russian Energy Minister Alexander Novak said the market will be more stable in the first half of 2019, and signaled cooperation by OPEC and its allies in supporting the market.

While Opec and its partners are scheduled to meet in April, they can hold a meeting at any time if a quick response is required, Russia's Novak said in an interview with Rossiya 24 TV channel.

USA oil prices on Thursday extended their sharp climb from the session before amid rising stock markets, but worries over a glut in crude supply and concerns over a faltering global economy kept a lid on gains.

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West Texas Intermediate crude for February delivery climbed $1.51/bbl to $44.04/bbl at 9:50 a.m. on the New York Mercantile Exchange. It was the biggest single-session jump since November 30, 2016, according to Dow Jones Market Data. The contract slumped $3.06 to $42.53 on Monday.

Traders continue for the most part to focus on what is perceived as a fundamental lack of balance with supply outweighing demand in the world's total physical oil market, estimated at about 100 million bpd. However, the dollar continued to weaken against both the euro and the British pound.

Oil Talking Points Crude oil prices pare the decline from earlier this week as Kazakhstan's Minister of Energy, Kanat Bozumbayev, anticipates the Organization of the Petroleum Exporting Countries (OPEC) and its allies to 'stabilize the situation with energetic measures in January-February-March, ' and the failed attempt to test the June 2017-low ($42.05) may generate a larger rebound ahead of 2019 as the Relative Strength Index (RSI) bounces back from oversold territory.

Furthermore, we could start to see increased foreign demand for USA crude oil if the dollar continues to weaken.

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But some analysts think the price retreat will start to sway shale production decision-making.

A gauge of stocks worldwide hurtled toward an eighth straight decline on Monday as investors ignored the US Treasury secretary's actions to reinforce confidence in the economy and US President Donald Trump criticized the Federal Reserve as "the only problem our economy has".

In wider financial markets, investors were still anxious as the S&P 500 Index of equities stands just seven points away from completing a full-blown bear market drop.

Exxon Mobil (XOM) were up 0.1% on the stock market today.

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