Oil prices rise more than $ 53 for the first time since 19 of last October

| December 2, 2016

BAGHDAD / The global oil prices continued to rise in trading on Thursday, driven by Member States of the Organization "OPEC" decision to cut production, surpassing the barrier of $ 53 a barrel for the first time since 19 of last October.

Brent prices of futures contracts for the month of February rose by 2.26 percent to $ 53.01 a barrel, as crude prices hit West Texas are also increased by 2.39 percent to $ 50.62 a barrel.

The Organization of Petroleum Exporting Countries "OPEC" announced on Wednesday, reaching an agreement to begin reducing daily production by 1.2 million barrels, to reach 32.5 million barrels a day starting next January 1, including the production of Indonesia and Malaysia, which suspended the membership of the organization.

The non-Member States in the organization, production grant will be reduced by about 600 thousand barrels per day, Russia expressed its willingness to reduce its production by 300 thousand barrels per day.

The world oil prices have tumbled from $ 115 a barrel in June 2014 to less than $ 30 earlier this year, but rebounded to close to the $ 50 rate.

Source: National Iraqi News Agency

Category: Entertainment

Comments are closed.