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Oil rises amid signs the commitment of producers to cut production
Oil prices rose on Friday , approaching a new high is the highest in 17 months , at a time when producers showed signs of commitment to a global agreement to reduce production.
There were futures settlement ore International benchmark Brent crude higher by $ 1.19 , or about 2.2 percent to $ 55.21 a barrel, while increased WTI US mediator dollar or the equivalent of two percent to $ 51.90 a barrel on the settlement.
This places the decades rising path for the fourth week in the last five weeks , a period in which Brent crude has achieved a gain of about 23 percent, while US crude which increased by about 20 percent.
And it reached the premium for Brent contracts for earliest maturity in front of US crude $ 2.26 a barrel in the settlement, the highest since the end of August.
Agreed Organization of Petroleum Exporting Countries [OPEC] to reduce production by 1.2 million barrels per day from January to the first agreement of its kind since 2008. Russia is planning Producers and other non - OPEC members to cut production by up to half that amount.
And support the agreements which were reached them during the last two weeks , the expectations in the market that the oversupply , which lasted for two years will soon end and that prices will remain near the high levels recorded before in July 2015.
Moscow said today that all oil producing companies in the country , including the largest Rosneft agreed to cut production.
The most serious of the other producers , including Kuwait, Saudi Arabia and their customers that they would cut production as of January.
He led the possibility of production of Goldman Sachs , the US bank to cut raised its forecast for the price of West Texas Intermediate crude to $ 57.5 a barrel from $ 55 in its previous forecast for the second quarter of 2017.
Oil prices rose on Friday , approaching a new high is the highest in 17 months , at a time when producers showed signs of commitment to a global agreement to reduce production.
There were futures settlement ore International benchmark Brent crude higher by $ 1.19 , or about 2.2 percent to $ 55.21 a barrel, while increased WTI US mediator dollar or the equivalent of two percent to $ 51.90 a barrel on the settlement.
This places the decades rising path for the fourth week in the last five weeks , a period in which Brent crude has achieved a gain of about 23 percent, while US crude which increased by about 20 percent.
And it reached the premium for Brent contracts for earliest maturity in front of US crude $ 2.26 a barrel in the settlement, the highest since the end of August.
Agreed Organization of Petroleum Exporting Countries [OPEC] to reduce production by 1.2 million barrels per day from January to the first agreement of its kind since 2008. Russia is planning Producers and other non - OPEC members to cut production by up to half that amount.
And support the agreements which were reached them during the last two weeks , the expectations in the market that the oversupply , which lasted for two years will soon end and that prices will remain near the high levels recorded before in July 2015.
Moscow said today that all oil producing companies in the country , including the largest Rosneft agreed to cut production.
The most serious of the other producers , including Kuwait, Saudi Arabia and their customers that they would cut production as of January.
He led the possibility of production of Goldman Sachs , the US bank to cut raised its forecast for the price of West Texas Intermediate crude to $ 57.5 a barrel from $ 55 in its previous forecast for the second quarter of 2017.
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