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- Oil moderately higher
Oil moderately higher
Oil prices rose by more than 1 percent, helped by comments that OPEC members are ready to cut production volumes. Support for oil also provided yesterday's data on US petroleum inventories.
Sources familiar with the matter, reported that Saudi Arabia and its allies in the Persian Gulf are willing to reduce oil production by 4% and will discuss the proposal at the talks in Vienna this week. However, the source pointed out the exception ofIraq, which refuses to reduce the production, referring to the loss of the war with "Islamic state".
Some experts have warned that OPEC statements are no more than a verbal intervention, and in fact, will not be able to agree on production cuts. The only solution that can be accepted - freezing oil production by individual countries.
The cost of the December futures on US light crude oil WTI (Light Sweet Crude Oil) rose to 49.78 dollars per barrel on the New York Mercantile Exchange.
December futures price for Brent crude rose to 50.62 dollars a barrel on the London Stock Exchange ICE Futures Europe.
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