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Oil rises 13% after the OPEC and Russia agree on production cuts
Thursday 01-12-2016 | 11:59:59
K & / p p
Twilight News / Oil prices rose 13 percent after OPEC and Russia reached an agreement to cut production in order to eliminate oversupply in the global markets, but analysts have warned that prices may not see a big increase compared to the historical comparisons as it will block Producers others gap in production.
It agreed Organization of Petroleum Exporting Countries (OPEC) on Wednesday, the first cut of oil production since 2008 after being accepted Saudi Arabia's biggest producer in Oopk- a significant reduction in their production and abandoned its demand that the contraction of rival Iran produced.
She said Bernstein analyst at AB "OPEC has agreed to reduce the historical production. Cut 1.2 million barrels per day at the maximum forecast (0.7-1.2 million barrels per day) and an additional reduction of 0.6 million barrels a day by non-members of OPEC can add strongly to what has been announced by OPEC. "
After the announcement jumped International benchmark Brent crude 13 percent of the level of at least $ 50 a barrel on Wednesday to $ 52.54 a barrel by 0600 GMT.
Also it rose Futures US crude West Texas Intermediate above $ 50 a barrel is being traded at $ 50.11 a barrel by 0600 GMT.
And it launched these developments traded overheated with a high futures trading Brent crude for February and March, where volumes are scheduled to begin in the reduction effect is clearly on the market to reach record levels.
http://www.ara.shafaaq.com/109841
Thursday 01-12-2016 | 11:59:59
K & / p p
Twilight News / Oil prices rose 13 percent after OPEC and Russia reached an agreement to cut production in order to eliminate oversupply in the global markets, but analysts have warned that prices may not see a big increase compared to the historical comparisons as it will block Producers others gap in production.
It agreed Organization of Petroleum Exporting Countries (OPEC) on Wednesday, the first cut of oil production since 2008 after being accepted Saudi Arabia's biggest producer in Oopk- a significant reduction in their production and abandoned its demand that the contraction of rival Iran produced.
She said Bernstein analyst at AB "OPEC has agreed to reduce the historical production. Cut 1.2 million barrels per day at the maximum forecast (0.7-1.2 million barrels per day) and an additional reduction of 0.6 million barrels a day by non-members of OPEC can add strongly to what has been announced by OPEC. "
After the announcement jumped International benchmark Brent crude 13 percent of the level of at least $ 50 a barrel on Wednesday to $ 52.54 a barrel by 0600 GMT.
Also it rose Futures US crude West Texas Intermediate above $ 50 a barrel is being traded at $ 50.11 a barrel by 0600 GMT.
And it launched these developments traded overheated with a high futures trading Brent crude for February and March, where volumes are scheduled to begin in the reduction effect is clearly on the market to reach record levels.
http://www.ara.shafaaq.com/109841
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