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Oil Rates Rise on OPEC Production Cuts

Oil Rates Rise on OPEC Production Cuts

Oil rates witnessed an increase of some 2 percent on Tuesday after news OPEC oil production has fallen sharply this month and the dollar sank. “This is very high, a good number,” an OPEC source said of the January compliance estimate. The dollar was down...
U.S. Federal Reserve Raises Interest Rates

U.S. Federal Reserve Raises Interest Rates

London – U.S. Federal Reserve decided to raise interest rates for the first time in 2016 since the election of Donald Trump, and the second time in a decade. The bank voted unanimously to raise the U.S. central bank’s target range for the federal funds rate to 0.50 to...
Brent Exceeds $52 and OPEC Aims for Shale

Brent Exceeds $52 and OPEC Aims for Shale

Cairo–Following OPEC’s historic agreement at the Algiers meeting to cut down production, oil demand was on the rise, reaching $52 per barrel. U.S. Energy Information Administration (EIA) said U.S. crude stockpiles fell last week despite slow refinery activity...