Oil recovering by data on supply reduction extended

09/05/2017-13:27


Oil prices closed higher Monday, backed by a volatile data from major crude producing countries indicate that OPEC supply cuts and producers outside it may be extended to the end of the first quarter of 2018.

And international media reported news story, seen by "economy" news "global measurement ore contracts Brent ended higher trading session due to the nearest 24 cents or 0.5 percent to 49.34 dollars a barrel when leveling.

And stepped up us measurement ore contracts West Texas intermediary 21 cents or 0.45 percent to 46.43 dollars a barrel.

Oil industry sources in non-OPEC member organization and its partners are studying the extension of the current agreement, which stipulates the cut 1.8 million barrels a day for nine months or more.

And undermined efforts of the Organization of petroleum exporting countries to reduce global oil inventories did increase in drilling activity in the United States and pushed the price of crude to drop more than 10 percent in the last month.

OPEC meets on 25 May, where he is expected to discuss extending the cuts for the end of 2017, but analysts say an extension for a period of only six months may not be enough.


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