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Price of U.S, oil surges to its strongest levels due to unexpected fall in U.S. production

U.S. oil surged, recording its highest level since June 2015. Surprising output drop in American production as well as a decrease in commercial crude inventories (inventories slipped to 9.754 million barrels per day from 9.789 million barrels per day the week before) helped the American black gold gained significant momentum.

West Texas Intermediate crude futures settled at $60.16 per barrel on the last trading day of the year – 0.5%, or 33 cents, higher compared to the previous session. The international benchmark, Brent crude, also closed in the green zone due to OPEC's production cuts. It was traded at $66.49 per barrel.

India's Finance Minister warns Bitcoin traders

“Trade in Bitcoins at your own risk”, this is what India's Finance Ministry, Arun Jaitley, has said to investors on Friday. Jaitley explicitly warned that the price of Bitcoin and other virtual currencies is absolutely a matter of mere speculation which might result in high volatility and risk. These currencies, he added, did not have any inherent value and they were not backed by any kind of assets.

Bitcoin lost 11 percent and was traded at $13,611.86.  The cryptocurrency has climbed to $19,800 in mid-December. Last Friday it reached $10,400. These results are a good example of how volatile the virtual currency can become.

* The details mentioned above have been partially adopted from third party sources, including websites, and are displayed “AS-IS” Readers should take into account that all the data that appear in this review can change based on the dynamic of global markets. The information provided by the review ought not to be considered as advice or financial guidance nor can it relate to any investor’s personal requirements or investment goals. In addition, the data should not be conceived as any kind of recommendation to trade and / or carry out a transaction and / or deposit funds.