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The maximal annual increase of oil prices since 2009 is expected

Oil prices continue growing against the implementation of OPEC’s agreement is approaching.

30.Dec.16 8:13 AM
By Anna Tuzova


The maximal annual increase of oil prices since 2009 is expected
Oil prices have grown during the New Year’s Eve trading and are expected to show the highest increase since 2009.

March Brent futures was about $57 per barrel by 5:00 (UTF-5) as February WTI contracts was about to reach $54 per barrel.

Both of main benchmark crudes – WTI and Brent – have grown by 50% since January 2016. The agreement between OPEC and independent oil producing countries, which pledged to cut the output of oil in conjunction by 1,8 million barrels per day, has translated prices into new range. 

Oil prices will progressively grow and reach $60 per a Brent barrel by the end of 2017, according to analysts’ responses to a survey carried out by Reuter. Experts warn that non-compliance of agreements about output cut may limit the continued growth.

The condition of crude market depends on how higher prices will affect the activity of North American companies, which exploit shale deposits. Of particular traders’ interest in this connection is weekly statistics by Baker Hughes on the number of operating drilling rigs in the USA.

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