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Crude Oil Soars Above $63 For 3-Year High

Crude oil futures continued to surge Tuesday on expectations the global oil market will soon re-balance. OPEC appears determined to end the global supply glut with disciplined output quotas in 2018.

The American Petroleum Institute reports its weekly inventories numbers this afternoon, followed by the government’s official report tomorrow morning.

Analysts say U.S. output may have levelled off over the holidays. Baker Hughes on Friday said the U.S. rig count dropped by five in the last week of the year.

Feb. WTI oil gains $1.23, or 2%, to settle at $62.96/bbl, the highest finish since December 2014.

Eurozone unemployment rate declined to the lowest since 2009 as robust activity created more jobs in the 19-nation currency bloc.

The jobless rate dropped to 8.7 percent in November, in line with economists’ expectations, from 8.8 percent in October, figures from Eurostat showed Tuesday. This was the lowest since January 2009.

The material has been provided by InstaForex Company – www.instaforex.com