Oil jumps above $ 35 on growing expectations for an agreement to cut production
Oil jumps above $ 35 on growing expectations for an agreement to cut production 28/1/2016
It jumped eight percent of oil prices above $ 35 a barrel Thursday, the highest level in three weeks and a lot away from its lowest level in 12 years, which plunged him earlier this month amid growing expectations that major producers may cooperate to cut production.
Oil rose about 30 percent from its lowest level since 2003, which struck earlier than January. And it accelerated gains this week on speculation that Russia and OPEC may agree to cut production.
He said Russian Energy Minister Alexander Novak suggested that Saudi Arabia cut production by up to five percent of each country in order to support prices.