Oil prices rise, helped by lower dollar[/ltr]
[ltr][rtl]History[/rtl] of [rtl]edits:: 2016/10/18 14:30 • 130 visits readable[/rtl][/ltr]
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Oil prices rose Tuesday, helped by lower US dollar, at a time when a number of analysts say that global markets may not be oversupplied, as others point, before a scheduled meeting of oil producers in OPEC in November may decide where to reduce oil production.
And it contributed to a proposal put forward by the Organization of Petroleum Exporting Countries [OPEC] at the end of last month to cut production or install it in the rise in crude prices above $ 50 a barrel, but it did not rise too much about this level due to the skepticism of market participants in the organization's ability to reach a specific agreement and its implementation.
But analysts now say that global supply glut, which lasted over two years, may be in the process of receding with the development of oil inventories in mind. They say that stocks are not as high as usual before the advent of winter, which increases fuel consumption.
By 08:30 GMT, International benchmark Brent crude up 43 cents, or about 0.8 percent to $ 51.95 a barrel rose.
And ascended crude West Texas Intermediate US 49 cents or the equivalent of about one percent to $ 50.43 a barrel.
Traders said the dollar's decline from its highest level in seven months in the previous session to support crude oil prices and the falling dollar makes it cheaper to buy crude to countries that use other local currencies.