Oil hits strong weekly gains and analysts see the climb is not justified

Views 42 Date 20/08/2016 - 22:16

Economy News / Follow-up ......

Oil hit a strong weekly gains, while several analysts this rise is not justified, despite speculation that that Saudi Arabia and others are seeking an agreement to install production.

And it increased US crude oil prices settled at the biggest weekly gain since March to achieve, while Brent Hafez on his gradual rise, while analysts said that market fundamentals do not justify this increase.

Crude prices have risen by about ten dollars since the beginning of August on speculation that Saudi Arabia and other members of the prominent organization of Petroleum Exporting Countries (OPEC) would reach an agreement next month to install production with non-members of the organization led by Russia.

Rose WTI US mediator 30 cents or 0.62 percent at the settlement to $ 48.52 a barrel after touching level, and rose through the entire week, nine percent to its gains for the second week in a row and the biggest weekly gain since early March.

The futures closed lower for Brent one cent to $ 50.88 a barrel, after jumping to the highest level in two months to $ 51.22 a barrel and Brent rose eight percent during the week, recording gains for the third consecutive week.

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