Crude oil prices continued to rise Thursday, surging from 12-year lows on signs that Russia and OPEC are going to cut supplies.
These energy-dependent countries may have miscalculated their ability to withstand low crude oil prices.
Internal pressures and competition from the US and Canada may compel them to turn off the spigots.
March West Texas Intermediate crude rose $1.02, or 3.2%, to $33.32 a barrel on the New York Mercantile Exchange.
In economic news, the Commerce Department said US durable goods orders plunged by 5.1 percent in December. Economists had expected orders to dip by just 0.6 percent.
The material has been provided by InstaForex Company – www.instaforex.com