Oil rises 2% and Brent exceeds $ 50 for the first time in 6 weeks


views 37 2016-08-19



Crude oil rose for the sixth consecutive day and transcend Brent $ 50 a barrel for the first time in six weeks on Thursday with world producers alert to discuss possible installation production levels.

Brent rose 1.9 percent to $ 50.77 a barrel at 1632 GMT after it touched its highest level since 23 June 50.87 dollars a barrel.

Us crude rose by 2.3 percent to 47.88 dollars a barrel. And crude touched its highest level since the 7th of July 48.24 dollars a barrel.

The raw material records which climbed more than 20 percent from their low in early August by the Organization of petroleum exporting countries (OPEC) and other major producers might live talks to install production levels when they meet in Algeria next month.

Several Member States have been damaged severely, OPEC oil prices collapse over the last two years. While the production cost decreases significantly in some Gulf States crude exporting the other producers such as Iran and Venezuela need prices above $ 100 a barrel to balance budget revenue and expenditure.

Analysts said the production installation at current levels may not contribute to support prices.

Saudi Arabia expressed as signals may enhance crude production in August, reaching a new record level even prepares for talks on production levels with other producers.

OPEC members will meet on the sidelines of the International Energy Forum which includes producers and consumers in Algeria from 26 to 28 September.

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