Oil settles with Russia's accession to OPEC production cut
Oil prices steadied on Wednesday, at a time when Russia joined the OPEC to cut crude production in order to achieve a balance in the market, but the abundance of supplies in places like the United States cast a shadow on prices.
By 0749 GMT, futures have been trading for crude International benchmark Brent crude at $ 55.63 a barrel, up five cents from the previous close. And ascended West Texas crude US five cents to $ 52.86 a barrel.
Price and reversed its direction after the declines recorded by earlier after reports on Russia to reduce its production of oil and gas condensate by about 100 thousand barrels per day in the period between December and January to 11.11 million barrels a day.
The cuts come Russia is not an OPEC member in the context of efforts led by the Organization of Petroleum Exporting Countries (OPEC) to support the market and the elimination of an abundance of global fuel supply.
As part of the agreement, OPEC has said it will cut production by about 1.2 million barrels per day in the first half of 2017 and pledged to other producers including Russia to cut production by 600 thousand additional barrels.
A poll conducted by Reuters yesterday that OPEC production fell by more than a million barrels per day in January to 32.27 million barrels p