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Crude Oil rises to eight-month high as OPEC + deal


December, 04 2020
watermark Economic news

Brent oil prices jumped to $49.86 per barrel after the announcement of the results of the OPEC + meeting. Thus, the asset has renewed its maximum for the last eight months.


The organization has decided to increase production by 500,000 barrels per day starting in January in response to rising prices and improved demand forecasts for 2021. The demand for hydrocarbons is expected to recover quickly thanks to progress in the development of a vaccine against COVID-19.


However, this is only a quarter of the 2 million bpd increase the group originally expected in January.


An additional stimulus for growth is the fact that OPEC keeps its plans regarding the need to further restrict oil production unchanged.


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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.