The price of oil remained stable. There are clear indications that OPEC’s efforts to curb production are finally taking effect on the market.
WTI lost 11 cents to finish at $54.04 a barrel. Nevertheless, it is still close to its highest level since February. The American crude has managed to rise by more than 28 percent since the year began.
Global benchmark for oil prices, Brent crude, traded below the flat line and settled at $60.84 a barrel. Just like WTI, Brent is close to its highest level since July 2015. In 2017, it climbed by 36 percent. OPEC’s deal to cut more than 1.8 million barrels per day helped Brent touch the $60 per barrel.
The U.S. dollar kept stable against its Japanese counterpart on Tuesday closing at 113.15. Yesterday, it slid to ¥112.97 – its lowest level since October 20.
Several analysts believe that the dollar might have a hard time advancing if President Trump decides to pick Jerome Powell as the new Fed chair. Professor of economics at Stanford University, John Taylor, is perceived to be more appropriate for the position than current Fed governor Jerome Powell. Powell is viewed as holding a dovish stance on monetary policies.