Oil rises 5% during the week amid hopes Ptousel OPEC agreement
Oil rises 5% during the week amid hopes Ptousel OPEC agreement
11/19/2016
Oil prices rose in the settlement at the end of a week has seen a strong rise in raw support the growing expectations that find Organization of Petroleum Exporting Countries (OPEC) to restrict the production process by the end of this month.
During the week , Brent and US crude rose by about five percent in the first weekly gain for Khaman for nearly a month.
OPEC approaching completion this month of the first agreement since 2008 to restrict oil production with the willingness of most members to show greater flexibility with Iran on production volume, he said ministers and sources.
And Iran has been the main stumbling stone in front of the agreement. While Tehran has not responded to the proposal, the flexibility shown by others suggest that OPEC members may be close to reaching a consensus with the approach of the thirtieth of November meeting.
And increased global crude measurement Brent 37 cents , or about 0.8 percent to $ 46.86 a barrel in the first increase in weekly in five weeks
And increased crude West Texas Intermediate US 27 cents , or about 0.6 percent to $ 45.69 a barrel in the first weekly increase in four weeks.
And to curb the dollar rising to its highest level since 2003 against a basket of currencies on Friday , the rise of oil prices. The rising dollar makes oil denominated in the US currency more expensive to buyers from holders of other currencies
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