Brent hits 2 year-high, NYMEX at its highest in 5 months
Accordingly, WTI crude on NYMEX followed suit with reaching a five-month high.
According to analysts, OPEC and its partners’ decision to implement cuts on the global supply glut and their implication that these cuts could be extended improved the confidence for the oil market’s rally. OPEC, Russia and several other producers have cut production by about 1.8 million barrels per day (bpd) since the start of 2017, helping lift oil prices by about 15% in the past three months.
WTI crude on NYMEX increased by $1.56 to settle at $52.22/bbl, while November Brent climbed $2.16 before settling at $59.02/bbl on the ICE Futures Europe on Monday, as shown by the graphs below. On Tuesday’s intra-day trading, futures on both markets have slightly eased.
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