• İstanbul 7 °C
  • Ankara 14 °C

Oil post largest weekly gain since June after OPEC meet

Oil post largest weekly gain since June after OPEC meet
Crude prices jump 6% as OPEC, allies deepen cuts

VIENNA (AA) - Crude oil prices Friday posted its largest percentage weekly gain since last June after OPEC and its allies agreed to make deeper cuts to production levels.

Brent crude closed at $64.37, a 6% weekly gain, after opening Monday at $60.73.

West Texas Intermediate (WTI) ended the week at $59.13, a 6.6% increase for the week, after beginning Monday at $55.47.

Brent crude soared 3.6% and WTI jumped 4.15% Wednesday with hopes OPEC and its allies would curb production by an additional 500,000 barrels per day (bpd).

That amount was confirmed by OPEC and non-OPEC countries, dubbed as OPEC+, at the conclusion of a meeting Friday in Vienna.

However, Brent gained an additional 1.55% Friday and WTI added 1.2% after Saudi Arabia said it would make a voluntary cut of 400,000 bpd to its output.

The agreement will carry the collective production curb of OPEC+ from 1.2 million bpd to 2.1 million bpd starting Jan. 1 to the end of March.

The 14-member OPEC and 10-member non-OPEC will meet March 5-6 in Vienna to discuss the outlook of the global oil market and examine compliance levels of oil producing countries in the group.


source: News Feed
This news is a total 45 time has been read
UYARI: Küfür, hakaret, rencide edici cümleler veya imalar, inançlara saldırı içeren, imla kuralları ile yazılmamış,
Türkçe karakter kullanılmayan ve büyük harflerle yazılmış yorumlar onaylanmamaktadır.
This news yet comment has been added .
Other News
All Rights Reserved © May 2014 US Muslims | Unauthorized and the resources published.
Haber Scripti: CM Bilişim