Oil prices touch $ 50

2016-08-18 14:34:41

Baghdad/sky press

Oil prices rose Thursday, Brent crude exceeded global measurement $ 50 a barrel for the first time in six weeks as traders talk about the possibility of reaching an agreement on production cuts at a meeting of the Organization of petroleum exporting countries [OPEC] and producers outside it next month.

Traded Brent futures priced at $ 49.93 a barrel by 0750 GMT, up eight cents after earlier rose to $ 50.05 a barrel.

Traded us WTI futures priced at $ 47.10 per barrel, up 31 cents.

And resulted in rising WTI on Thursday also on the flow of new orders to ship us crude to Europe to take advantage of the price difference between American standard and Brent crude.

Crude prices continued to rise although it signals showed Saudi Arabia may enhance crude production in August, reaching a new record level even prepares for tough talks next month on global production installation.

The unexpected decline helped crude stocks last week already on price support with low gasoline stocks also more than expected, according to the US energy information administration data showed on Wednesday.