Friday, as the market anxiously waited to see whether the Organization of Petroleum Exporting Countries as well as major oil producers would extend the ongoing output cut deal beyond its expiration in March, the price of oil were closing mixed. The United States West Texas Intermediate was traded at $50.60 per barrel – higher by 0.1% or 5 cents. Brent crude futures went down by 0.1% or 8 cents and traded at $56.35 per barrel as of 0249GMT.
OPEC and other major oil producers are scheduled to meet in Vienna on Friday to discuss a possible extension of the current OPEC-deal, which aims at fixing the market’s production imbalances. In relation to that, Goldman Sachs claimed that the discussions over extending cuts were significant yet premature, as they believed that any extension was unlikely to happen
The continual climb of the greenback against the safe-haven yen this week came to an end. The dollar index closed at 92.024 falling by 0.3%. But from a weekly perspective, it still went up by 0.2%.
Against the Japanese saint-haven yen, the greenback was traded at 111.83 yen – 0.6% lower from its last close yet still up of 0.9% for the week.
According to South Korea’s Yohnap news agency, Ri Yong Ho, North Korean Foreign Minister, claimed on Friday that North Korea considered a hydrogen bomb test of an extraordinary scale on the Pacific Ocean. In response, Donald Trump’s warned would terminate the isolated nation. This development will surely have profound effect on global financial market.