12.03 - oil flew up. How long will it last?
- by Anna K.
Turbulence in the oil segment of the market goes on as we cannot get one definite answer as to what is going to happen to the output of the crude. Pakistan says that the country is going to follow the orders of OPEC (international organization that is regulating oil output and oil prices) and cut the production after all. And as we all know, cuts in the output numbers are usually followed by the surges in prices as the fear that the demand is going to be higher that the supply grow, and that is exactly what we see right now.
WTI – American crude – flew up high today. Although we are used to oil change direction so often, right now it is a welcome change to see it go up and make it possible for us to trade it with no strings attached.