Oil rises to $ 32
Wednesday, January 27, 2016 - 8:12

Oil prices jumped more than 5 percent during the transactions exceed the level of $ 32 a barrel, with the support of the hopes of approaching members of OPEC and independent producers to reach an agreement on the reduction of the supply glut that constitute one of the largest surpluses in decades. Organization of Petroleum Exporting Countries and the renewal of the Petroleum [OPEC] calls for producers to reduce the supply of outside competitors supply in cooperation with the members of the organization but Russia, which is an essential party to any agreement so far refused to cooperate. Oil Minister Adel Abdul-Mahdi said he sees some flexibility in reaching an agreement between OPEC members and producers from outside. And it stepped up the global Brent crude contracts for Brent crude to the nearest $ 1.82 entitlement or the equivalent of 5.96 percent to $ 32.32 a barrel by 1730 GMT, after he recovered from losses incurred earlier. On January 20 / December Brent hit its lowest level since November 2003 at $ 27.10 a barrel. And US crude futures rose 1.77 dollars or 5.87 percent to $ 32.11 a barrel. Said David Hvton of Ba.vi.am brokerage in oil, "without an agreement on the basic factors of production refers to the low numbers, however, the oil price would be between $ 40 and $ 60 a barrel in the market" agreement. However, concerns about demand restricted the gains. Chinese data showed that the annual freight traffic by rail -the economic indicator Riasa- shrunk 11.9 percent in 2015 after a decline of 3.9 percent in 2014, which has stoked fears of a contraction in economic activity in the second-largest oil consumer in the trade