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Oil prices jumped on Monday as optimism rose that major producers might reach a price support deal, helping US stocks to notch a fifth straight session of gains. Brent hit its highest level since December, climbing USD 2.12, or 5.5 percent, to settle at USD 40.84 a barrel, while US crude rose USD 1.98, or 5.5 percent, to settle at USD 37.90. Oil has rallied in recent weeks amid increasing hope that OPEC producers may be moving toward a production freeze to support prices in an oversupplied market.
On Monday, the Ecuadorean government said Latin American oil producers agreed to meet on Friday in Quito to coordinate a strategy to support crude oil prices.
In other commodities markets, spot iron ore prices jumped 19 percent, helped by expectations that Chinese steel mills were planning production cuts.
Live market updates are very necessary in trading if you are not having updated knowledge then its very risky to do trading so avoid that by using trading tips from Epic Research.
Oil prices jumped on Monday as optimism rose that major producers might reach a price support deal, helping US stocks to notch a fifth straight session of gains. Brent hit its highest level since December, climbing USD 2.12, or 5.5 percent, to settle at USD 40.84 a barrel, while US crude rose USD 1.98, or 5.5 percent, to settle at USD 37.90. Oil has rallied in recent weeks amid increasing hope that OPEC producers may be moving toward a production freeze to support prices in an oversupplied market. 
Live market updates are very necessary in trading if you are not having updated knowledge then its very risky to do trading so avoid that by using trading tips from Epic Research.
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