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Oil prices are near the 17-month maximum pending the decrease of production in the world



Oil prices continue growing against the light trading on the New Year Eve on Wednesday, less than a week before the OPECís agreement coming into force.



28.Dec.16 9:16 AM
By Anna Tuzova
Photo Toinnov.com

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Oil prices are near the 17-month maximum pending the decrease of production in the world
Commercial activities are most likely to be minimal as many traders have closed the positions before the New Year Holidays.

As at 9:20 GMT WTI oil to be supplied on December which is traded on New York commodity exchange has grown by 21 cent, or 0,39 per cent to $54,11 per barrel after the raise by 88 cents (1,66%) the day before.

Oil traded in New York has touched the $54,51 peak on 12 December. This is the 1,5 year maximum level.

Brent oil (ICE, London) to be supplied on March gained by 20 cents (0,35%) to $57,03 per barrel after the raise by 93 cents (1,66%) the day before.

Brent futures traded in London have reached 17-months maximum of $57,89 earlier this month.

It should be reminded that OPEC members have agreed on cooperative oil output cut by 1,2 million barrels per day starting on 1st January.

Then OPEC members and independent oil producers, including Russia, have reached an agreement on reducing of oil output for the last by 558000 barrels per day.

As a sign that world oil producers may implement the agreements, the OPEC member Venezuela has stated that it would decrease oil output by 95000 barrels in the New Year.






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