Oil prices went up with the new supply cuts
Saudi Arabia has revealed new details of the cuts in oil supplies, and it made crude oil prices jump up.
During the last few weeks situation at this market was very hard. The new concerns of investors spread across the global markets. Seeing the Iraqi and Iran supplies at the time of OPEC agreement to decrease their activity at the oil market, provoke the new wave of panic among traders. Some of them began to afraid that with the new president, the USA will use this situation for their own advantage.
However, seeing that Saudi Arabia has cut its Asian supplies, reassured traders in the OPEC intentions. Still, there is no guarantee that this agreement between countries-producers will last for long time. And the growing number of oil shipments from other exporters worries investors.
The crude oil from Brent today went up by 52 cents, and reached 54.16 dollars price for one barrel, while the WTI futures received 44 cents of increase and stopped at the 51.26 dollars price per barrel.
Economists say that even though Brent has already lost 40 percent of its usual gain for the period from the last months of autumn to this year’s January, there is not time to worry about this. They believe that with all the efforts made by the main suppliers to stop the oil glut in the world, unlikely that Brent will lose more money in the nearest future. Instead, it may keep this position for a while.
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