Oil rises with continued focus on the possibility of reducing production
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Oil prices rose on Thursday and overcome the global London Brent crude to $ 50 a barrel for the first time in six weeks with modern traders continued about the possibility of reaching an agreement to cut production at a meeting of the Organization of the Petroleum Exporting Countries [OPEC and producers outside the next month.
Was trading Brent futures at $ 49.93 a barrel by 0750 GMT , a rise of eight cents after rising earlier to $ 50.05 a barrel.
Was trading WTI US mediator in the futures price of $ 47.10 a barrel , up 31 cents.
The resulting rise West Texas intermediate crude on Thursday also for the flow of new orders US crude to ship to Europe to take advantage of the opportunity gap big price between US crude and Brent indices.
continued crude prices rise despite the fact that Saudi Arabia have shown signs that it may enhance its production of crude oil in August to reach a new record high , even as it prepares for a difficult talks next month on the stabilization of the global production.
helped unexpected drop in US crude inventories last week already to support prices with low gasoline stocks were also more than expected , according to what shown by the energy Information administration data America on Wednesday. http://www.alliraqnews.com/modules/n...?storyid=46139