(May 19 Friday) The price of oil futures rose to a month's high on market demand and expectations of further production output cuts by the major oil producing countries. Analysts are saying that Saudi Arabia and other OPEC member nations, together with Russia are expecting cuts to about 1.8 million barrels per day until the end of March 2018. U.S. producers on the other hand, are not participating on reducing oil production.
The WTI crude oil price rose from the low yesterday of $48.10 to $50.25 in Europe, while Brent crude rose from $51.10 to $53.30 a barrel. Both WTI and Brent futures contracts rose nearly 4 percent this week.