The WTI price has surpassed $50

Continuing the trend of previous trade section, the world oil prices are actively growing on Thursday in the background of OPEC’s decision on limiting its oil production level.

01.Dec.16 12:50 AM
By Anna Tuzova
Photo Toinnov.com

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WTI price has surpassed the important mark of $50 per barrel for the first time since 27th October, according to the trading data.

As to 1:19 (GMT –05:00) the price of February Brent futures has grown by 1,66% to $52,69 per barrel. The January WTI prices has grown by 1,48% to $50,17 per barrel.

The OPEC’s decision on cutting oil production by 1,2 million barrels per day to 32,5 million since 1st January 2017 implies the participation of non-OPEC countries as well. Their production should be summarily reduced by 600 thousand barrels per day; Russia has agreed to ensure 300 thousand of these. The duration of the agreement is 6 months with the possibility of its extension.

Against this background the world oil prices have increased by over than 9 percent in trading. The Brent price rose above $52 per barrel for the first time since 24th October. At the same time the black gold prices continue growing on Thursday.

OPEC has come to historical agreement on the oil production reduction, according to unnamed AB Bernstein analysts quoted by Reuters.

And furthermore, it became known that the US oil reserves had reduced. According to The USA Ministry of Energy’s report published on Wednesday, the commercial oil reserves (excluding strategy reserves) had reduced by 0,9 million barrels to 488,1 million barrels in a week, that ended on 25th November.

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