• Crude oil price gears towards $60 per barrel

    Crude oil price gears towards $60 per barrel

    OPEC’s proposed deal to cut production has “put a floor” under the oil price at around $50 a barrel, Reuters reports.

    International benchmark Brent crude dropped to a little above $52 from nearly two per cent gain of $52.67 last night.

    West Texas Intermediate, hit a year-high of close to $52 at one point last night and was holding above $51 a barrel this morning.

    Optimism is growing for future trading, too, BMI Research says it sees “significant potential for an upwards break […]