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.

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