Oil prices jump 6% on renewed hopes of OPEC output cut[/ltr]
[ltr][rtl]History[/rtl] of [rtl]edits:: 2016/11/16 9:25 • 115 visits readable[/rtl][/ltr]
[Where - Baghdad]
Oil prices jumped six percent on Tuesday to seize US crude biggest daily percentage gain in seven months due to renewed expectations that OPEC agree later this month to reduce the global supply glut.
Secretary-General of the Organization of Petroleum Exporting Mohammed Barkindo visiting Member States, such as Iran and Venezuela in the next few days to discuss the agreement before the WTO meeting in Vienna on November 30.
The Organization of the Petroleum Exporting Countries reached a preliminary agreement in September, but differences remain two weeks following the meeting between OPEC members and Russia is a member of the Organization on the exact details of the agreement before.
Informed sources told Reuters that was expected to travel the Saudi energy minister Khaled al-Faleh to the Qatari capital Doha this week for meetings with oil-producing countries such as Russia on the sidelines of an energy forum.
The traders and analysts said that the last moments of OPEC's efforts sparked a wave of coverage of the centers of the city, which helped to strengthen prices.
Andrew Libo of commodities research group in Darien American, Conn. "There was a lot of new speculation on falling prices in the market due to growing doubts in their ability to conclude an agreement," he said, adding that the city center has come under pressure with increasing the chances of reaching an agreement.
He said, "Add to that some of the growing optimism about the OPEC agreement to get on the movement of two dollars."
US crude closed up $ 2.49 at $ 45.81 a barrel, up 5.8 percent, the biggest daily percentage gain since early April.
And determine the settlement price of the futures contract for Brent at $ 46.95 a barrel, up US $ 2.52, equivalent to 5.7 percent, the biggest percentage gain since Sept. 28.
Both had already allocated the lowest levels recorded in three months on Monday.