Crude oil prices gained at London’s trading session on Monday morning. The bullish trigger was attributed to the fact that Iraq a leading OPEC member disclosed it would reduce its crude oil production to support global demand for crude oil.
Crude oil traders traded cautiously into the weekend on the back of rising tensions between the worlds’ leading economies.
Crude oil bulls are ramping up their long bets because the Saudis (OPEC’s largest producer of crude oil), for the second time in three years, are curbing the amount of crude it sends to the world’s largest economy in an attempt to stabilize crude oil prices and hasten the rebalancing of supply and demand in the present fragile energy market.
PetroNeft Resources plc (LON:PTR) is an international oil and gas exploration and production company, focussed on Russia. The company’s s shares are listed on the London AIM and Dublin ESM Markets.