TeleTrade - Analytics

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    29.01.2016 06:55 Oil prices posted significant gains

    West Texas Intermediate futures for March delivery rose to $33.89 ( 2.02%), while Brent crude jumped to $35.83 ( 5.83%) amid speculation that oil producers will discuss output cuts in order to support prices. However analysts say that a deal between producers is unlike and fundamentals will most probably weaken further.

    Yesterday Russian officials said that Saudi Arabia had proposed oil production cuts of up to 5%. However analysts say that even if this happens it would not be enough to bring the market back to balance.


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