Brent below $ 45, its highest price in 4 months Tuesday 12-04-2016
Brent below $ 45, its highest price in 4 months
Tuesday 12-04-2016 | 11:58:22
Global oil prices hit their highest level in four months on Tuesday to hover below** $ 45 a barrel after a report that Russia and Saudi Arabia, the largest producers in the world have agreed to freeze production levels ahead of producers meeting on Sunday.
The agency quoted Russia's Interfax news to a diplomatic source in Doha as saying that Russia and Saudi Arabia have reached a consensus on Tuesday to install production, although the final decision will depend on Iran.
News of the production freeze after the US government say that the expected decline in US production of 560 thousand barrels of crude per day in 2017 to 8.04 million barrels per day, which highlights the impact of the ongoing collapse in prices in 21 months.
Phil Flynn, analyst at Price Futures said Group "People now realize that the OPEC meeting this might be a historic turning point for the market .. Now, with the decline in US production feel that we are on the threshold of a new rise of the cycle."
By 1745 GMT, Brent crude rose US $ 1.70, equivalent to four percent, to** $ 44.53 a barrel.
US crude rose 1.63 dollars or 4.04 percent to hit 41.99 dollars a barrel http://www.ara.shafaaq.com/65498