Oil keeps rising after a report of renewed calls for curbing the OPEC production

Views 35 2016-08-08

London (Reuters) - Oil prices continued to rise on Monday after the issuance of the report of the renewed calls by some member states of the Organization of Petroleum Exporting Countries (OPEC) to curb the production, but analysts warned that the fundamental factors causing crude landings remained after the prices fell to the lowest level in four months.

It was the circulation of Brent crude-oil futures contract price of 45.17 dollars a barrel by 1404 GMT, a rise of 90 cents or 2.03 percent of the price of the previous closure.

It was the circulation of West Texas Crude US mediator in futures at about 42.78 dollars per barrel, up 98 cents, or the equivalent of 2.34 percent.

Prices continued the gains made in the ascending wave by technical factors last week with the support of the optimism about the meeting of the informal OPEC in September.

He noted the optimists to restore the market balance to the report published by The Wall Street Journal reported late last week renewed calls by some OPEC members to install the production levels.

Qatari Energy Minister and OPEC current President Mohammad Bin Saleh Messrs. on Monday that the oil market is on its way toward restoring the balance.

Russia was quick to non-OPEC member and the largest crude oil producer in the world to reject calls for the installation of production.

He said Russian Energy Minister Alexander Novak told reporters "Russia's position is that the preconditions for this (installation) has not yet been achieved."

However, some analysts and dealers said the gains may not last long because of the exclusion of OPEC to take a fundamental and indigestion of the supply of crude oil and refined products, which cast a shadow on the market.

China's exports rose of fuel in July, more than 50 percent on an annual basis to record reached a record level of 4.57 million tons, according to official data.