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Oil prices jump 5% on OPEC production cuts
17:35 - 07/12/2018
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Oil prices jumped 5%, if the major producers agreement in the Middle East members of the Organization "OPEC" to cut production to drain global fuel stocks and support the market.
Brent crude rose $ 3.26 to 63.32 per barrel. In early trade, it hit a low of $ 60.
Oil prices jumped 5%, if the major producers agreement in the Middle East members of the Organization "OPEC" to cut production to drain global fuel stocks and support the market.
Brent crude rose $ 3.26 to 63.32 per barrel. In early trade, it hit a low of $ 60.
The Organization of Petroleum Exporting Countries (OPEC), earlier, its readiness to reduce oil production by about 800 thousand barrels per day, proposed to the signatories to the agreement, "OPEC +" to cut production by 400 thousand barrels per day.
Thus, the total reduction agreed by the countries concerned for the year 2019 under the OPEC +, reached 1.2 million barrels per day.
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