British pound sterling touches two-month highs on Brexit demands

The British pound ascended to a two-month high on Wednesday, right after EU diplomats announced that Britain got closer to accepting European Union’s demands over Brexit. In accordance to this, a British government official said that the net bill for the Brexit would cost approximately 50 billion pounds and raised expectations that an agreement would soon be signed.

A senior analyst at Columbia Thread needle Investments, Mark Burgess, added that the news was obviously good. If Britain paid that sum along with achieving  good trading conditions, then the perspective for the UK economy was going to be much better than what it had been expected. The British pound sterling settled at $1.3431 – 0.5 percent higher compared to its previous close.

OPEC is ready to extend oil cut deal

OPEC countries and Russia are now set to extend the crude supply cut deal to cover the rest of 2018 with an option to review the deal in June. Ministers from OPEC and non-OPEC oil producers met in Vienna, where OPEC’s headquarter is located, to discuss the extension of the ongoing oil supply cut agreement.

Essam al-Marzouq, Kuwait’s Oil Minister, claimed that a nine-month extension was one of the recommendations OPEC and non-OPEC members have agreed on. Alexander Novak, Energy Minister of Russia added that the market has not been fully balanced yet, and so further efforts from OPEC and non-OPEC producers are needed after the current deal expires in March 2018.

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