Thursday, buoyed by ongoing output cut led by the Organization of Petroleum Exporting Countries and Russia, prices of oil settled on a stable stance after falling on Wednesday.
The international benchmark, Brent crude futures, settled at $63.66 a barrel, 0.3% or 17 cents higher than their previous settlement. United States West Texas Intermediate crude prices went up by 0.2%, or 11 cents, and traded at $56.92 a barrel.
Given these advancements, both Brent crude and the U.S. WTI were almost $1 away from their two-and-a-half year high of $64.65 a barrel for Brent and $57.69 for WTI recorded earlier this week. Analysts explain this rally by referring to the successful regime of production cuts held by OPEC and Russia.
The Chinese are waiting for the coming of the world’s biggest online shopping day of the year: Guang Gun Jie, commonly known as Singles day. This is a Chinese pop culture holiday which takes place on November 11 every year. This holiday dates back to the 1990s anti-Valentine’s celebration for single people in China. Singles day became China’s most anticipated shopping holiday since Jack Ma, Alibaba’s founder and chairman, spotted a commercial opportunity in the obscure anti-Valentine’s day of 2009 where online shopping was starting to appear.
Sales this year are expected to exceed last year’s figure of $17.8 billion with more than 140,000 brands offered to shoppers.