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OIL JUMPS NEARLY 5% BUT PROSPECTS REMAIN WEAK DUE TO OVERSUPPLY
February 12, 2016 10:18
[size=18]SINGAPORE (Reuters) - Oil prices jumped nearly five percent on Friday after comments to the Minister of Energy of the UAE raised hopes coordination among producers to reduce production, but some analysts said the move still excluded and that oversupply will continue.
The price rose ore International benchmark Brent crude to $ 1.37 or 4.56 percent from the previous settlement to $ 31.43 a barrel by 0619 GMT.
came the jump in the price of Brent on Friday after energy Minister Alimarti Suhail Al Mazroui said that the Organization of Petroleum exporting countries (OPEC) is ready to hold talks with other exporters about the cut production.
the minister added that OPEC members are ready to cooperate with other producers to reduce production, although he had pointed out that the decline in oil prices, forcing some producers have already cut production in a way will help restore balance to the market.
it also rose WTI US mediator in the futures $ 1.21 or 4.62 percent, to $ 27.42 a barrel, after hitting its lowest level since 2003 in the previous session.
despite the rise in Brent and US crude, analysts said they see no mention of the agreement, OPEC and independent producers to adopt a common policy opportunity and that it was likely to continue declining oil prices due to oversupply.[/size]
The price rose ore International benchmark Brent crude to $ 1.37 or 4.56 percent from the previous settlement to $ 31.43 a barrel by 0619 GMT.
came the jump in the price of Brent on Friday after energy Minister Alimarti Suhail Al Mazroui said that the Organization of Petroleum exporting countries (OPEC) is ready to hold talks with other exporters about the cut production.
the minister added that OPEC members are ready to cooperate with other producers to reduce production, although he had pointed out that the decline in oil prices, forcing some producers have already cut production in a way will help restore balance to the market.
it also rose WTI US mediator in the futures $ 1.21 or 4.62 percent, to $ 27.42 a barrel, after hitting its lowest level since 2003 in the previous session.
despite the rise in Brent and US crude, analysts said they see no mention of the agreement, OPEC and independent producers to adopt a common policy opportunity and that it was likely to continue declining oil prices due to oversupply.[/size]
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