Oil benchmarks are trading in the green at press time on OPEC’s output cuts and supply issues in Venezuela. Brent oil jumped to an 8-day high of $63.32 per barrel yesterday after the Organization of the Petroleum Exporting Countries (OPEC) said that it had cut its output by almost 800,000 barrels per day in January to 30.81 million barrels per day. Saudi Arabia, the de-facto leader of OPEC, announced that it had reduced its output by a further 500,000 barrels per day on top of the agreed output cut under the OPEC deal. Further, the Energy Information Administration (EIA) said that Venezuelan output slipped to 1.22 million barrels per day. Looking forward, oil could continue to rise, courtesy of falling OPEC and Venezuelan supplies. The bullish momentum, however, may weaken if the US data, due today, shows a big rise in oil inventories. As of writing, Brent is trading at $63.06 per barrel, representing a 1 percent gain on the day. WTI is also better bid at $53.65 per barrel. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next USD/JPY Technical Analysis: 110.80 challenges recent upside momentum FX Street 3 years Oil benchmarks are trading in the green at press time on OPEC's output cuts and supply issues in Venezuela. Brent oil jumped to an 8-day high of $63.32 per barrel yesterday after the Organization of the Petroleum Exporting Countries (OPEC) said that it had cut its output by almost 800,000 barrels per day in January to 30.81 million barrels per day. Saudi Arabia, the de-facto leader of OPEC, announced that it had reduced its output by a further 500,000 barrels per day on top of the agreed output cut under the OPEC deal. Further, the Energy Information… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
