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Brent rises above the US $ 50 with the start of OPEC meeting
| Wednesday November 30 2016 13:04 |
News / Baghdad
Oil prices rose on Wednesday, increasingly with the start of a meeting of theOrganization of Petroleum Exporting countries, surpassing Brent crude to $ 50 after aseries of volatile trading between the rising and falling market witnessed during thecurrent week.
By 12:30 pm Baghdad time Brent crude rose in the futures delivery month of February of $ 2.71 or the equivalent of 5.51 to $ 50.3 a barrel after rep told Iraq 's OPEC governor that the organization will reach an agreement on production at a meeting on Wednesday.
Oil prices resume rise on renewed hopes of OPEC cutAnd increased WTI 2.35 or 5.15 percent to $ 47.58 a barrel.
And The Organization of the Petroleum Exporting Countries (OPEC) on Wednesday todiscuss an agreement aimed at restricting oil production and to support crude prices after they have seen these prices deteriorated significantly totaled less than $ 30 per barrel in the month of January of this year.
And it reached OPEC , which produces one - third of the world 's oil preliminary agreement in Algeria in September to cut production to between 32.5 and 33 million barrels per day from its current level at 33.64 million barrels in order to support prices.
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