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Oil rises above $ 50 a barrel
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Alsumaria News / Baghdad
International benchmark Brent crude rose above $ 50 a barrel for the first time in six weeks, on Thursday, with the preparedness of the world's top producers to discuss the possible installation of production levels.
Brent rose 20 cents from the previous close to $ 50.05 a barrel before falling back to about $ 49.75, down ten cents by 1200 GMT, and US light crude rose 20 cents to $ 46.99 a barrel.
Brent rose extracted from the North Sea , 20 percent of the low level in early August on news that the Organization of Petroleum Exporting Countries (OPEC) and other major producers may live in talks to install production levels when they meet in Algerianext month.
Several members of the OPEC countries were severely hit by the collapse in oil prices over the past two years, and while the cost of production is dramatically reduced , in some exporting raw Gulf states, the other producers such as Iran and Venezuela need prices above $ 100 a barrel to balance between revenues and expenditures in thebudget.
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