Oil rises, driven by expectations of "OPEC" cut production quotas
09:45 - 02/14/2020
The information / Baghdad ..
Oil prices rose, as Brent crude ended the session, rising by 1% per barrel upon settlement, while US Texas crude rose by 0.5%.
Reuters reported that Brent ended the session up 55 cents to $ 56.34 a barrel upon settlement, while WTI rose 25 cents to $ 51.42 a barrel upon settlement.
And the Organization of Petroleum Exporting Countries lowered its forecast for demand for its crude in 2020 by 200,000 barrels per day, raising expectations that the organization and its allies within the "OPEC +" grouping may reduce production further.
The agency quoted Edward Moya, market analyst in "Oanda", saying that "the Russians have made a strong hint that everyone in" OPEC + "agreed to a deeper reduction ... The price of crude price may indicate a stable bottom. As long as the Corona virus does not show strong indicators, WTI may go to the level of $ 55.
The International Energy Agency expects demand to decrease in the first quarter for the first time in ten years before rising from the second quarter, and the agency has reduced its forecast for global growth for the whole year to 825 thousand barrels per day. End / 25