Oil prices go up due to hopes to cut production

Economic Page
January 30, 2016 17:01
Readers Number: 45

Oil prices continued since Friday extended gains to rise more than 25 percent since it tumbled last week to their lowest level in 12 years .obulg Brent oil price today of $ 34.74 for Brmel.bad that was ten days ago to $ 27.10
The rise of price support from expectations of an agreement between the major oil exporters to cut production and to curb one of the largest border of supplies in history.
Oil also received support from the weak US GDP figures reinforced hopes that the Federal Reserve has been slow in any planned increases in interest rates.
And it stepped up the oil market this week for four consecutive sessions after the OPEC organization renewed its call to rival producers to cut supplies as well as its members and that sparked a barrage of comments from Russia on an agreement with OPEC's something that has been rejected by over 15 years.
And it stepped up global measurement Brent crude oil futures for the nearest maturity, which passed with the end of the trading session Friday 85 cents or the equivalent of 2.5 percent recorded at the settlement of $ 34.74 a barrel. In the twentieth of January Hui Brent to $ 27.10, its lowest level since November 2003.
And shut down the US Brent crude contracts for West Texas Intermediate high 40 cents or 1.2 percent to $ 33.62 a barrel after they had jumped at the highest level in the session to $ 34.40.
Brent and ended the week up 7.9 percent, while US crude rose 4.4 percent to Iqlsa losses over the month to 6.8 percent and 9.3 percent, respectively