Oil at a higher price for 2016 above $ 40

Tuesday 08-03-2016 | 7:19:29

Twilight News / global oil markets jumped more than five percent on Monday, with Brent record peak for 2016 above $ 40 a barrel after Ecuador said it will hold a meeting of crude producers in Latin America.

Oil also promotes purchases for technical reasons and a rally in commodities. The data showed the sector increased less than expected inventory delivery point US crude futures in Cushing, Oklahoma.

Oil climbed more than 50 percent since its lowest record in 12 years ago, less than two months. The rally began after Russia and the Organization of the Petroleum Exporting Countries raised the idea of ​​freezing production to support prices in the oversupplied market.

The foreign minister said that the Ecuadorian government will host a meeting in Quito on Friday attended by Venezuela, Colombia and Mexico "to reach a consensus regarding oil prices, in particular."

Separately, OPEC producers are talking about a new equilibrium oil price near $ 50 as she Berra Advisory, he told Reuters.

Phil Flynn, analyst at Price Futures said in Chicago, "It's closer to the assertion that oil producers are close to reaching an agreement as to support the price .. feeds it to bet on the rise of prices in the market reversed its direction completely, compared with its destination only a few weeks ago."

And determine the settlement price for crude International benchmark Brent to rise to $ 2.12 at $ 40.84. The price rose during the session to $ 41.04, its highest price since the ninth of December. This increases 51 percent for the lowest price in 12 years of $ 27.10 recorded on 20 January.

US crude was up $ 1.98 to $ 37.90 a barrel, approaching it from the highest price in two months. The raw log on 11 February, the low level of 2003 when it stood at US $ 26.05.