Oil prices rise slightly

21/03/2017 10:11 | Number of readings: 173

Trend Press / Agencies

Oil prices rose Tuesday on the back of buying at attractive prices and hopes that the Organization of the Petroleum Exporting Countries (OPEC) will expand its production of black gold.

US crude for April delivery rose 12 cents to $ 48.34 in Asian trade.

Brent North Sea crude for May delivery was up 20 cents to $ 51.82.

Analysts said investors were attracted by good price buying and were encouraged by news that OPEC appeared to be ready to continue reducing production after the end of June to restore market balance, provided that non-OPEC producers comply.

At the end of 2016, OPEC agreed to cut output between its countries and countries outside the Organization in the first half of 2017, prompting prices of more than 50 dollars. That prompted US producers of rock oil, raising fears of oversupply in the markets.