Oil Price Jumps (Market Trading)
October 16, 2019•91 words
Oil prices increased on Wednesday, following comments from the OPEC Secretary-General that an option for OPEC and its allies is to implement deeper cuts in output to support the market. Keeping a lid on prices, the International Monetary Fund on Tuesday said that a prolonged trade war between Washington and Beijing would cut 2019 global growth and consequently impact oil demand. US crude oil jumped as much as 1.5% to $53.66 per barrel while Brent crude added nearly 1.4% to $59.65 per barrel, around 12:15 PM NY time.