Crude oil reaches 2018 high level

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Source: Dukascopy Bank SA


On Tuesday, the US Light Crude oil price and other oil price benchmarks had reached 2018 high levels.

The surge of crude oil prices started, as on Monday the OPEC+ countries met to agree upon a common oil production policy. However, the meeting encountered a stand-off between Saudi Arabia and the United Arab Emirates. Afterwards, OPEC+ announced that it would cancel further meetings.

"The 18th OPEC and non-OPEC Ministerial Meeting has been called off," OPEC Secretary General, Mohammad Sanusi Barkindo, said in a letter to Heads of Delegation of OPEC Member Countries and non-OPEC oil producing countries.
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