Oil Price Jumps (Market Trading)

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.

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