Economy – opinion –
Prices of Brent crude contracts for us on Monday, while the dollar regained its balance at a time when Chinese trade data raised weak worries about demand in the largest energy consumer in the world.
But the market held on to most of their gains, which have increased about 10 percent from Friday, which came amid renewed talk that OPEC might agree to cut production to reduce the abundance of supply of oil.
Nigerian oil Minister said that OPEC began changing attitude of distrust to the growing consensus on the need to reach a decision on how to halt the global decline in oil prices.
He will hold talks with his counterparts from Saudi Arabia and Qatar.
China's exports dropped 11.2 percent in January from a year earlier as imports fell 18.8 percent, both much worse than anticipated. China's imports fell from crude 20 percent from record high levels during the previous month.
Brent fell delivered April 17 cents to 33.19 dollars a barrel by the time 0427 GMT after affected by the dollar's rise helped boost in consumer spending in the United States.
NYMEX crude price fell delivered March 18 cents to 29.26 dollars a barrel after rising more than $ 3 in the previous session from its lowest level reached 12 years ago Thursday.
There will be a settlement of u.s. crude on Monday because of the President's day holiday and trading will probably be less than usual. finished