Oil futures rose more than 2 percent in early Asian trade on Thursday, adding growth from the previous session after the largest providers worldwide have confirmed plans to meet and discuss freeze of production.
Oil producers, including OPEC members agreed to meet next month for a deal to keep production at current levels, even if Iran refuses to participate, OPEC sources said on Wednesday. This increases the probability of the first global deal to supply over the past 15 years.
"A smaller than expected gain in inventories in the U.S. also supported prices," ANZ said in a morning note.
The market is also rallied after less aggressive monetary perspective of the FED, as the US Federal Reserve left interest rates unchanged and said that they see two increases this year instead of the expected four.
Read more:
25 Canada Square, Level 33, office 50, Canary Wharf London, E14 5LQ +44 20 3608 6256
World Financial Markets - 0700 17 600 Varchev Exchange - 0700 115 44
Varchev Finance Ltd is registered in the FCA (FINANCIAL CONDUCT AUTHORITY) with a passport in the United Kingdom: FCA, United Kingdom - registration number: 494 045, which allows provision of financial services in the United Kingdom.
Varchev Finance Ltd strictly comply with the statutes of the European directive MiFID (Markets in Financial Instruments). targeting increased efficiency, transparency and uniformity of financial instruments.
Varchev Finance Ltd is authorized and regulated by the Financial Supervision Commission - Sofia, Bulgaria: License number RG-03-02-05 / 15.03.2006
The information on this site is not intended for distribution or use by any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
Disclaimer:
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63,41% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.