Trader’s Timeout: Production Freeze Optimism Lifts Crude Oil

[kreslik.news]

This article was written by Evdokia Pitsillidou, Risk Management Associate at easyMarkets.

Oil prices have surged this week, as investors clung on to vague hopes that OPEC, Russia and other major producers would agree to freeze production at an informal meeting in Algeria next month.

The price of Brent crude rose nearly 12% over a four-day winning streak, reaching its highest level in five weeks. The futures price was trading well north of $49 a barrel Tuesday. For the month of August, Brent crude has added around 17%, nearly reversing all of last month’s drop.

The West Texas Intermediate (WTI) ... (read more)