Oil prices rise after non-OPEC countries agree to cut output
Baku, Azerbaijan, Dec.12
By Leman Zeynalova – Trend:
World oil prices began to rise significantly after non-OPEC countries agreed to reduce the oil production.
The price of February futures for Brent crude oil rose by 4.42 percent to $56.73 per barrel as of 01:18 Dec.12. This is while the price of January futures for the West Texas Intermediate (WTI) oil increased by 4.93 percent and reached $54.04 per barrel.
Brent crude futures soared to $57.89 per barrel in overnight trading between Dec.11 and Dec.12, its highest level since July 2015.
During the meeting held in Vienna Dec.10, non-OPEC countries agreed to cut the oil output by 558,000 barrels per day.
Eleven non-OPEC countries agreed to reduce the oil output: Azerbaijan, Kingdom of Bahrain, Brunei Darussalam, Equatorial Guinea, Kazakhstan, Malaysia, Mexico, Sultanate of Oman, the Russian Federation, Republic of Sudan, and Republic of South Sudan.