Oil tops $ 35 with confirmation of meeting of crude producers

Date: Sunday, 28-02-2016 05:26 am

Follow-up/Iraq today
Oil prices surpassed futures, the $ 35 after recovering from losses suffered earlier in the session after confirmation of a meeting of major oil producers reported delays to projects and cuts in jobs in the energy sector in the United States.
Venezuela confirmed that a meeting of oil producers will be held in mid March and will also include Russia, Saudi Arabia and Qatar in an effort to restore stability to the price of crude declined by 70 percent over the past 20 months and involved four countries in an effort to make oil producers in OPEC and outside freeze production at January levels. Many traders believe the market needs to cut to production and not freeze for overcoming the global supply glut and Brent contracts climbed 13 cents, or 34 percent, to register at settlement 35.39 dollars a barrel, the highest level in three weeks.