Oil rises to $ 57 a barrel
Date: 03/01/2017 10:15
Information / Baghdad ..
Oil prices rose in the first hours of trading in 2017 thanks to hopes that proves agreement between producers outside of OPEC is to cut oil production, which came into force on Sunday, its effectiveness in eliminating oversupply in the global market.
Brent crude 35 cents, the equivalent of 0.6 percent to $ 57.17 a barrel by 0608 GMT, Tuesday, approaching the highest level in the past year at $ 57.89 a barrel struck on 12 December.
It was closed on Monday on the occasion of the New Year holiday oil markets.
And ascended WTI, a US Brent crude 31 cents, the equivalent of 0.6 percent to 54.03 dollars, nearing also the highest level in the past year at $ 54.51 that it reached on 12 December.
In the first of January of the agreement reached by the OPEC in November, with independent producers such as Russia on reducing production by about 1.8 million barrels per day began.
Followers market say that the month of January will be an indication of how commitment to an agreement.
Said Ric Spooner, chief market analyst at CMC Markets, "the market will look for signs of production cuts. The most likely thing is that the members of OPEC and producers outside it will abide by the agreement, particularly in the early stages. " Finished / 25