Oil Prices Rally On Reports Of OPEC-Russia Production-Cut Extension

This is a syndicated repost courtesy of Money Morning. To view original, click here. Reposted with permission.

Share!Tweet about this on TwitterShare on FacebookShare on LinkedInEmail this to someonePrint this page

World stock markets were mixed overnight. U.S. stock indexes are pointed toward narrowly mixed openings when the New York day session begins.

Gold prices are trading modestly higher in pre-U.S. session trading.

The feature in the marketplace early this week is a continuation of the recent rally in the crude oil market. Nymex crude oil futures prices are challenging $50 a barrel Monday morning. Reports said Saudi Arabia and Russia have agreed to extend the current OPEC-Russia oil-production-reduction accord by nine months. Nymex crude oil prices have rallied around $6.00 a barrel from the May low.

The world marketplace has not reacted much to weekend news that North Korea launched another ballistic missile and that a major cyber-attack that started late Friday has hit computers around the world.

The other key outside market on Monday morning sees the U.S. dollar index trading lower. The greenback bears have the overall near-term technical advantage.

U.S. economic data due for release Monday includes the Empire State manufacturing survey, the NAHB housing market index and Treasury international capital data.

 

To get full access to all Money Morning content, click here

About Money Morning: Money Morning gives you access to a team of ten market experts with more than 250 years of combined investing experience – for free. Our experts – who have appeared on FOXBusiness, CNBC, NPR, and BloombergTV – deliver daily investing tips and stock picks, provide analysis with actions to take, and answer your biggest market questions. Our goal is to help our millions of e-newsletter subscribers and Moneymorning.com visitors become smarter, more confident investors.

Disclaimer: © 2017 Money Morning and Money Map Press. All Rights Reserved. Protected by copyright of the United States and international treaties. Any reproduction, copying, or redistribution (electronic or otherwise, including the world wide web), of content from this webpage, in whole or in part, is strictly prohibited without the express written permission of Money Morning. 16 W. Madison St. Baltimore, MD, 21201.

The post Oil Prices Rally On Reports Of OPEC-Russia Production-Cut Extension appeared first on Money Morning – We Make Investing Profitable.

Wall Street Examiner Disclaimer: The Wall Street Examiner reposts third party content with the permission of the publisher. I curate these posts on the basis of whether they represent an interesting and logical point of view, that may or may not agree with my own views. Some of the content includes the original publisher's promotional messages. In some cases promotional consideration is paid on a contingent basis, when paid subscriptions result. The opinions expressed in these reposts are not those of the Wall Street Examiner or Lee Adler and no endorsement of the content so provided is either expressed or implied by our posting the content. The Wall Street Examiner makes no endorsement or recommendation regarding them. Do your own due diligence when considering the offerings of third party providers.

0 comments