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International Brent crude jumped more than 8% on Wednesday after the Organization of the Petroleum Exporting Countries agreed to curb oil output for the first time since 2008.
Brent crude futures for January delivery soared to one-month highs at $50.45 per barrel, on course for their biggest one-day move in nine months. According to an OPEC source, the 14-nation cartel has reached an output limiting deal in order to splash production by 1.2 million barrels a day to 32.5 million a day.
The move aims at draining a crude glut that’s pushed down prices for two years, which will help oil-producing countries revive their tattered finances.
It’s not yet known how deep key OPEC member Saudi Arabia will cut but the kingdom had already stated that it had been prepared to accept “a big hit” on its own production. The largest oil producer of the OPEC also agreed to allow its rival Iran to freeze output at pre-sanctions levels.
The agreement is also reported to call for a reduction of about 600,000 barrels a day by non-OPEC countries
The U.S. Energy Information Administration on Wednesday said domestic crude supplies fell by 884,000 barrels in the week ending November 25. The figure contrasted with analysts’ expectations for an increase of 636,000 barrels.
Fig: BRENT D1 Technical Chart
Brent crude price has not only broken above the 23.6% retracemnet but also crossed over both short-term and long-term MAs, suggting a strong bullish momentum. The advance has sent the oil market into a bullish territory. As RSI keeps surging, Brent crude is expected to test the resistance at 51.00.
Buy Digital Call Option from 50.00 to 51.00 valid until 20:00 GMT November 30, 2016