NEW YORK, DEC 13: Oil prices soared to record highs on the morning of December 13, its highest in the last 18 months, after the world’s major crude oil producers agreed for the first time, to reduce production since 2001.
It sparked concerns over inflation which pushed US Treasury bond yields to a record high in the past two years, reports REUTERS International News Agency.
The bond yield also rose ahead of a Federal Reserve policy meeting starting on December 13, whereby the US central bank is expected to raise interest rates for the second time since the global financial crisis.
The price of US crude oil futures rose US$1.33 to close at US$52.83 a barrel, up 2.6%, though it is below the intraday high.
Brent gained US$1.36 to close at US$55.69, up 2.5%, after hitting a session peak of US$57.89, the highest since July 2015.
Adalah mengejutkan, Arab Saudi selaku mengeluar minyak mentah terbesar dunia, berkata ia bersedia menambah jumlah pengurangan pengeluaran daripada apa yang dipersetujui sebelum ini.
It was shocking that Saudi Arabia, the world’s largest crude oil producer, had said that it was willing to reduce its production further from the amount it had previously agreed upon.
Oil price highest in 18 months since 2015
