The market for crude oil also seems to be benefiting from the overall upbeat economic outlook and growing US and China trade relations, especially with the US now emerging as a major supplier of crude oil and China being a leading consumer of it. Oil prices increased to their highest level in 3 months today resulting from the latest supply cut announcements from OPEC and the US sanctions on Iran and Venezuela. Late last year, OPEC had announced a combined effort from its member countries to reduce the output by 1.2 million barrels per day to curb oversupply woes. While that effort has majorly fueled the latest round of bullish momentum in the market, keeping price afloat above the $50 major psychological mark, the outlook has also
