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Oil Rate Dropped After Failed Attempt in Korean Missile Test

April, 17 2017
watermark Economic news

Following the Easter holiday this weekend and the benchmark increased for three successive weeks, the crude oil dropped on Monday which induces the U.S. to increase its production output but against the OPEC cut its output. This was mainly due to the failed missile launch of North Korea on Sunday.

The benchmark rate declined by 56 cents then it rose by 3 cents at $55.89 per barrel before the market closing prior to the holiday while an additional of 11 oil rigs were established with a now a total of 683 which is the highest in almost two years. Overall, the market trading was tranquil at the start of the week with the London being the center of trading closed for holidays.


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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.