Rising oil prices for more than 4% supported by the decline of Iraqi and Russian production
Oil prices rose more than 4 percent, [You must be registered and logged in to see this link.] by a drop in Iraqi and Russian production, as well as a preliminary agreement among OPEC members on cut production.
Brent crude <LCOc1> rose $ 2.73, or 4.59 percent, to $ 62.11, while US crude rose $ 2.48, or 4.87 percent, to $ 53.41.
"Iraqi exports for November fell to 101 million barrels from 107 million barrels last October," a ministry statement said.
The country's oil production was 11.37 million bpd in November, down from its post-Soviet high of 11.41 million bpd in October, data from the Russian Energy Ministry showed.
Russia is increasingly convinced of the need to reduce oil production with OPEC, but is still negotiating with Saudi Arabia, the largest producers of the Organization, on the timing and size of the reduction.
Omani Oil Minister Mohammed bin Hamad al-Rumahi said on Sunday that he believed "there is consensus among members of the Organization of the Petroleum Exporting Countries (OPEC) on the need to reduce oil production."
OPEC oil ministers will meet in Vienna on Thursday and then hold talks with non-OPEC producers.