Oil prices rose on Thursday as the producer cartel OPEC and other suppliers look set to continue withholding output for the rest of the year and potentially into 2019. The Middle East-dominated Organization of the Petroleum Exporting Countries (OPEC) together with a group of non-OPEC producers led by Russia in 2017 started cutting output in order to rein in oversupply and prop up the market. U.S. WTI crude futures were up 19cents per barrel in the early trading or 0.2 percent, from their previous settlement.
North Korea’s leader Kim Jong Un pledged his commitment to denuclearization and to meet U.S. officials, China said on Wednesday after his meeting with President Xi Jinping. The yen, often sought in times of market turmoil and political tensions, retraced its gains against the dollar. The greenback was steady at 106.860 yen after it rallied 1.4 percent on Wednesday, pulling away from a 16-month trough of 104.560 set on Monday.
As the Easter Holiday is almost near, today the forex market economic calendar is very rich with significant economic data related to the economies of Switzerland, Germany, UK, Canada, US and Japan. Due to the importance and number of economic events today the volatility and price action is expected moderate to high, but liquidity is anticipated to decline significantly later at the close of today’s trading session as tomorrow is Good Friday in several countries.