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Brent hits 2 year-high, NYMEX at its highest in 5 months

by ChemOrbis Editorial Team -
  • 26/09/2017 (13:43)
Brent crude-oil prices surged to its highest in more than two years on Monday, in line with OPEC’s and Russia’s effort to reduce the global supply and Turkey’s threat to "close the valves" on Kurdish oil shipments.

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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