Crude prices ascend, smashing trading volume records
On Thursday, crude prices leapt 13%, thus smashing trading volume records, after OPEC along with Russia cut a deal to minimize output to drain a global supply glut, though analysts warned that they could remain moderate by historical comparison as other crude producers fill the gap.
On Wednesday, the Organization of the Petroleum Exporting Countries agreed on its first crude output reduction since 2008 after de-facto leader Saudi Arabia officially accepted a huge hit and also dropped a demand that arch-rival Iran also slash production. The given deal also included the group's first coordinated action with Russia for 15 years.
OPEC has agreed to an historic output cut. The cut of about 1.2 million barrels per day was at the upper end of hopes. An extra drop of 0.6 million bpd from non-OPEC countries could considerably contribute to what has been announced by OPEC.
American West Texas Intermediate crude futures ascended above $50, being worth $50.11 a barrel.