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Oil prices on the rise, Putin and Saudis agree on production cuts

  • Regular
  • Economy
  • 6 months ago
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Oil prices have surged upon the positive outcome of Trump and Xi's meeting at the latest G20 summit.

U.S. West Texas Intermediate (WTI) crude futures were up $2.73 per barrel, an increase of 5.4% from the last session.

They were also given an additional bost by the news that the Alberta province in Canada is planing to cut production by 8.7%.

International Brent crude oil futures, too, increased by 4.8% to $2.8 per barrel.

Meanwhile it seems that Russia and Saudi Arabia have agreed to on OPEC’s efforts to blance out the oil markets, nevrtheless the Kremlin is still unsure as to how much it is willing to cut back on.

The awaited meeting of the Organization of the Petroleum Exporting Countries along with Russia and its allies will be in Vienna this Thursday and Friday.

Putin himself stated on Saturday, "We have an agreement to extend our deal,"  however adding "There is no final decision on volumes, not yet".

 

 

 

Source: Smart Trend Team