Oil markets close in the red zone on predicted extension of production cuts

Oil markets gained momentum on Monday. Brent crude oil futures, closed at $60.43 a barrel after climbing by 0.3 percent, or 19 cents, from their last settlement recording their highest level since July 2015. West Texas Intermediate crude futures increased by 0.3 percent, or 16 cents, towards $54.06 per barrel.

OPEC along with Russia and nine other producers agreed to seriously consider extending their agreement to cut 1.8 million barrels a day to dispose of a supply glut.

According to the U.S. (CFTC) Commodities Futures Trading Commission, American hedge funds and other money managers intensively focused their investments on U.S. crude futures and options within the week up to October 24.

Asian shares surge; euro get close to 3 month lows

Asian shares rose on Monday, while the euro stumbled to around a 3 month low as the ECB moved to extend its stimulus further as response to the dollar’s yield advantage.

.MIAP0000PUS, MSCI’s broadest index of Asia-Pacific shares out of Japan gained 0.2 percent. So far, the index rose to 3.4 percent this month. Nikkei 225 went higher by 0.2; Seoul’s KS11increased 0.7 percent.

The euro floated at $1.1602 close to its lowest of $1.1573 since July 20. ECB’s verdict to extend its bond purchases up until September 2018 had a negative effect on the European currency.

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