Menu Close

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

This is a syndicated repost published with the permission of Money Morning. To view original, click here. Opinions herein are not those of the Wall Street Examiner or Lee Adler. Reposting does not imply endorsement. The information presented is for educational or entertainment purposes and is not individual investment advice.

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.

Join the conversation and have a little fun at Capitalstool.com. If you are a new visitor to the Stool, please register and join in! To post your observations and charts, and snide, but good-natured, comments, click here to register. Be sure to respond to the confirmation email which is sent instantly. If not in your inbox, check your spam filter.

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

RSS
Follow by Email
LinkedIn
Share

Discover more from The Wall Street Examiner

Subscribe now to keep reading and get access to the full archive.

Continue reading