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Oil prices are rising gradually with expectations of an extension of the deal to cut output

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Oil prices are rising gradually with expectations of an extension of the deal to cut output Empty Oil prices are rising gradually with expectations of an extension of the deal to cut output

Post by RamblerNash Tue Nov 07, 2017 11:56 pm

Oil prices are rising gradually with expectations of an extension of the deal to cut output

Oil prices are rising gradually with expectations of an extension of the deal to cut output NB-220740-636455555795734696

Monday, November 6,

BAGHDAD ( Reuters) -
Oil prices rose on Monday, with expectations of an extension of the deal to cut output.

Oil prices began to rise gradually since the beginning of last October , driven by the expectations of the extension of the agreement to cut production during their next meeting on October 30 , the current second, which came on the lips of a number of oil ministers of the countries affiliated to the Organization of OPEC and beyond.

Global Brent crude hit $ 62.55 a barrel in early trade on Monday, more than 40 percent above last year's record low of 2017.

West Texas Intermediate crude reached $ 56 a barrel in early trading, and crude

oil is one-third higher than the 2017 low . Iraqi Oil Minister Jabbar Ali Al-Luaibi, on November 2, 2017, told a number of media that OPEC's unity and market stability To the improvement of the market, pointing out that Iraq with any opinion of OPEC leads to improved prices.

OPEC, Russia and nine other oil producers have agreed to cut 1.8 million barrels a day to eliminate oil supplies. The agreement is in place until March 2018, but both Saudi Arabia and Russia, which lead the effort, have expressed their support for extending the deal.

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