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Oil makes up part of the earlier losses
Date: 01/10/2017 12:34
Information / Baghdad ..
Oil rose on Tuesday amid hopes the implementation of some production cuts planned under the agreement between the producers of OPEC and outside instead of part of the losses it suffered yesterday.
By 0827 GMT, it was trading Brent crude global Brent crude at $ 55.20 a barrel, up 25 cents, equivalent to 0.45 per cent from the previous closing level.
The record US crude West Texas Intermediate to $ 52.22 a barrel, up 26 cents, equivalent to 0.5 percent.
Analysts said the gains today resulted from expectations that a number of members of the Organization of Petroleum Exporting performs particularly Saudi Arabia and the UAE agreed cuts in spite of doubts about the implementation of the agreement fully.
The Dutch bank ING said on Tuesday, "the latest statements from OPEC members .. indicate that Members are conducting an amendment to the commitment to the cuts agreed upon."
The BMI research "supports the coordinated production cuts to restore balance to the market by reducing global inventory levels conducive to adjust the outlook for prices up to $ 57 a barrel in 2017".
And we went down the price of crude nearly four percent in the previous session, as a result of concerns that undermine the increase in production in Iran and Iraq, curbing global supply glut that has weakened the market for two years efforts. Finished / 25 p.
http://almaalomah.info/2017/01/10/economic/120528
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