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High oil prices supported by prospects of extension of production cut agreement
Date of release: 2017/4/12
Oil prices rose on Wednesday as crude futures headed for the longest winning streak since August 2016 amid news that Saudi Arabia is seeking to rally support from OPEC and independent producers to extend production cuts beyond the first half of 2017.
By 0656 GMT, Brent crude futures were up 20 cents, or 0.36 percent, at $ 56.43 a barrel, their highest level since early March.
If the price increase continues on Wednesday, it will be the seventh straight day of gains, with a six-day winning streak in August 2016, although the price increase at that time was 17.5 percent, compared with a 6 percent rise in the current rise.
WTI crude futures rose 18 cents, or 0.34 percent, to $ 53.58 a barrel, also the highest level since early March.
Saudi Arabia, the largest member of the Organization of the Petroleum Exporting Countries (OPEC), has told other producers it wants to extend the coordinated production cut beyond the first half of this year, the Wall Street Journal reported.
OPEC and independent producers, including Russia, have pledged to cut production by 1.8 million bpd in the first half of 2017 in a bid to control supply oversupply and price support.
While the level of compliance of some of the participants in the agreement was incomplete, Saudi Arabia carried out significant cuts in production.
However, there are still fears that oil markets are still overflowing.
In the United States, both production and stocks are increasing.
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Date of release: 2017/4/12
Oil prices rose on Wednesday as crude futures headed for the longest winning streak since August 2016 amid news that Saudi Arabia is seeking to rally support from OPEC and independent producers to extend production cuts beyond the first half of 2017.
By 0656 GMT, Brent crude futures were up 20 cents, or 0.36 percent, at $ 56.43 a barrel, their highest level since early March.
If the price increase continues on Wednesday, it will be the seventh straight day of gains, with a six-day winning streak in August 2016, although the price increase at that time was 17.5 percent, compared with a 6 percent rise in the current rise.
WTI crude futures rose 18 cents, or 0.34 percent, to $ 53.58 a barrel, also the highest level since early March.
Saudi Arabia, the largest member of the Organization of the Petroleum Exporting Countries (OPEC), has told other producers it wants to extend the coordinated production cut beyond the first half of this year, the Wall Street Journal reported.
OPEC and independent producers, including Russia, have pledged to cut production by 1.8 million bpd in the first half of 2017 in a bid to control supply oversupply and price support.
While the level of compliance of some of the participants in the agreement was incomplete, Saudi Arabia carried out significant cuts in production.
However, there are still fears that oil markets are still overflowing.
In the United States, both production and stocks are increasing.
https://translate.google.com/translate?depth=1&hl=en&ie=UTF8&prev=_t&rurl=translate.google.com&sl=auto&tl=en&u=http://www.alliraqnews.com/modules/news/article.php%3Fstorytopic%3D41%26storyid%3D21752
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