Two important sentiments finally raised oil prices in the trading session this weekend, Friday (6/12). The first sentiment came from the official announcement from the world oil cartel organization, OPEC, which agreed to reduce its oil production even more.
OPEC has entered into agreements with a number of major world producing countries, such as Russia to now cut oil production by 1.7 million barrels per day. The success of OPEC in fostering cooperation in cutting oil production with the Russian government under the leadership of Vladimir Putin is certainly bad news for a number of oil importing countries.
But the sentiment is not sensitive, the release of the economic performance of the administration of US President Donald Trump, also provides more convincing support for world oil prices. Reports said the US economy was able to add a workforce of 226,000 last November.
The unemployment rate in the US is even said to be down to now in the range of 3.5%. The raising performance of the Trump administration has finally increasingly encouraged investors to hunt for oil commodities.
Oil prices for the WTI type finally soared 1.3% to close at around 59.2 per barrel in the session this weekend.
The step of the Russian government under President Vladimir Putin, who approved the OPEC proposal, seems now to be in line with the performance of the administration of President Trump who is capable of soaring world oil prices.
With a sharp spike in the session this weekend, oil prices are believed to be increasingly on the doorstep to immediately break through their psychological level at $ 60 per barrel.