Oil prices jump to $ 46

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Oil prices jump to $ 46

The number of visits: 111 Published on: 21/4/2016, 11:31 Published by: Hamid



Crude oil prices rallied on Thursday after the International Energy Agency said that the current year will see the largest decline in non-OPEC oil production for 25 years, helping to restore balance to the market, which has long suffered because of surplus supply.



Fatih Birol, head of the International Energy Agency and said that lower oil prices reduced investment by about 40 percent over the past two years and has been sharp declines in the United States, Canada, Latin America and Russia, according to the agency "Reuters".



He told reporters in Tokyo: "We expect this year, the largest decline in non-OPEC oil supply in 25 years, which is about 700 thousand barrels per day. At the same time, global demand growth goes on a frantic pace, led by India, China and other emerging countries."



And ascended International benchmark Brent crude futures to $ 46 a barrel at 0650 GMT, up 20 cents from the previous close.



US crude futures fell to $ 43.62 a barrel before rising to $ 44.37 a barrel, up 19 cents from last close.

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