Oil Prices Rise over 5% amid Russia and Saudi Arabia Production

FX:UKOIL   Crude Oil (Brent)
Crude Oil             was saved on Friday soaring over $1 to trade at 44.22 while Brent oil             saw a gain of $1.18 soaring to 46.63. Both benchmarks closed the week with significant losses down by 7% each. However, Monday morning saw volatile trading action despite the US markets on holiday. Crude oil             soar 4.37% trading at $46.03 while Brent oil             is trading at $48.82 up 4.99%. Comments from Russia that they see no need to attend the OPEC producers meeting later this month as they are now happy with prices seemed to pull the rug out from under the feet of speculators. Oil             took a huge hit on Thursday falling over 3.45% in a single session hitting a low of 43.00.
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