Brent continues to rise above $ 35 amid talk of a meeting of producers 2/4/2016
Brent continues to rise above $ 35 amid talk of a meeting of producers
2/4/2016 0 Comments
Oil prices continued to rise above $ 35 a barrel on Thursday, after he jumped seven percent in the previous session.
The rise came with support from a weaker dollar, which overshadowed its impact on oversupply and rising US inventories to a record high.
And also it increased the price of crude at a time when it seems that Venezuela's oil minister has the support of more members of OPEC and independent producers to hold a meeting during the tour to urge that steps be taken to support prices.
The dollar continued to decline due to speculation that the Federal Reserve (the US central bank) may not raise interest rates this year and support the dollar decline in oil and other commodities denominated in the US currency.
And increased the global price of London Brent crude 35 cents to $ 35.39 a barrel by 0949 GMT. The price of crude has risen 30 percent from its lowest level since November 2003, which struck on 20 January, when reached 27.10 dollars a barrel.
US crude rose 40 cents to $ 32.68 a barrel.
And the relocation of the Iranian Ministry of Oil Information on the Internet (Shana) by the Minister of Venezuelan oil Aaolockheo Del Pino as saying, on Wednesday, said that the six countries, including Iran, Iraq, members of the OPEC, along with Russia and the Sultanate of Oman supports the holding of a meeting between producers.
It is expected that the Venezuelan minister to visit Qatar, which holds the OPEC presidency in 2016 and so far has not announced any of the Gulf members of OPEC, including Saudi Arabia's largest oil exporter in the Organization's support for the convening of such a Alajtmaa.