Crude Oil Prices Advance

Oil prices rallied for a second session today as Saudi Arabia, the largest oil producers calls for more limited supply, which will push oil prices.U.S. West Texas Intermediate crude (CLc1) surged 21 cents, or 0.4%, at $56.17 a barrel.

Now, oil trades at $56.23, which is a gain of $0.28 or 0.50% from the previous clsoe of 55.95.

The daily range is from $55.91 — 56.26, while the trading volume is 30.104K.

The Organization of the Petroleum Exporting Countries (OPEC) and its friends, knows as OPEC+ have indicated that an incline of the present 1.2 million barrels per day (bpd) supply reductions by 400,000 bpd and extend the pact until June.

In fact, OPEC top officials will meet in Vienna on Thursday and the wider OPEC+ group will gather on Friday.

There are also worries about the difficult progress between Beijing and Washington  signing a trade agreement to resolve their 17-month trade issues.

Moreover, top adviser to President Donald Trump announced that a U.S.-China trade deal was still possible before the end of the year.