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Oil prices have reached the maximum

Oil has grown to a record high since the June 2015 against the background of the OPEC and non-OPEC oil producing countries agreement.

12.Dec.16 2:30 AM
By Anna Tuzova


Oil prices have reached the maximum
On 12 December, in morning, February Brent futures has grown on the ICE exchange by 4,21 per cent to $56,73 per barrel. Earlier their cost has exceeded the $57 per barrel for a bit, which is the maximum rate since June 2015. The WTI cost has grown by 4,71 per cent to $54,05 per barrel.

The oil prices grow significantly against the background of the agreement between the oil producing countries to jointly cut the output by 1,758 million barrel per day.

On 10 December the Qatar’s Energy Minister Mohammed Bin Saleh Sada at a press conference on the outcome of negotiations between OPEC and independent oil producers stated, that some countries were not agree to cut the oil output volume by 558 thousand barrel per day.

The oil price may reach $60 barrel on this week and exceed $70 to the mid 2017, according to the head of the Commodity Research Bureau Bank of America Merrill Lynch Francisco Blanch's interview for Bloomberg.

The managing director of the consulting company ESAI Sarah Emerson suggests that oil exporters’ cooperation would lead to a balance or even deficit on the market by the 2nd quarter of 2017.

“If all of these cuts are realized in the market, we could see prices potentially rise beyond $65 by May when the next OPEC meeting is convened,” as the director of Asia Pacific refining at Wood Mackenzie Ltd. in Singapore Sushand Gupta said.

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