Oil jumps to highest level in 3 weeks before the decision of OPEC production[/ltr]
[ltr][rtl]History[/rtl] of [rtl]edits:: 2016/11/22 8:53 • 90 visits readable[/rtl][/ltr]
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Oil prices climbed four percent to their highest level in three weeks, supported by a growing conviction that major oil producers will agree to reduce production next week.
Brent crude touched $ 49 a barrel for a brief period. Crude rose 11 percent in the measurement week since Saudi Arabia began largest producer of the Organization of the Petroleum Exporting Countries diplomatic efforts to carry the undecided members to join the production plan proposed by that.
It is expected to conclude the members of OPEC production to install a global agreement at a meeting on November 30 in Vienna. In recent days hinted several OPEC members, including Iran, along with Russia is not a member of the organization to the tendency towards an agreement on the reduction of production.
Determine the settlement price of the futures contract for Brent at $ 48.90 a barrel, up $ 2.04, equivalent to 4.4 percent. US crude West Texas Intermediate four percent to close at $ 47.49 a barrel, up $ 1.80 after it went up to $ 47.80.
Jane Mkgillian director of market research at Tradition Energy in Stamford, Connecticut, "said the meeting with the approach of the likelihood for them to reach an agreement triggers a large coverage of the centers of city operations." He added that the fund is less enthusiastic about retaining the centers before the meeting.
And Goldman Sachs analysts said in a note that OPEC's success in reducing production opportunities have increased and predicted global oil surplus turned into a deficit by the middle of next year, which will support prices.