Crude Oil Jumps Above $36 As Rally Gathers Momentum
Crude oil futures continued to rise Monday morning after a deal to freeze output from a number of major producers.
"It doesn't make any sense for anyone to increase the production with the current prices," UAE oil minster said Suhail al-Mazrouei, according to Marketwatch.
US crude oil for April was up 65 cents, or 1.8 percent, to $36.56 a barrel, the highest since early January.
Prices have surged up 35 percent since hitting a 13-year low near $26 last month.
There will be few economic reports for traders to find clues about the health of the US economy this week.
The material has been provided by InstaForex Company - www.instaforex.com
Crude oil futures continued to rise Monday morning after a deal to freeze output from a number of major producers.
"It doesn't make any sense for anyone to increase the production with the current prices," UAE oil minster said Suhail al-Mazrouei, according to Marketwatch.
US crude oil for April was up 65 cents, or 1.8 percent, to $36.56 a barrel, the highest since early January.
Prices have surged up 35 percent since hitting a 13-year low near $26 last month.
There will be few economic reports for traders to find clues about the health of the US economy this week.
On Friday, the Labor Department said employers added more than 240,000 jobs in February.
The material has been provided by InstaForex Company - www.instaforex.com
