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World oil prices rising

Oil&Gas Materials 16 December 2016 11:38
The world oil prices are rising on Dec.16, according to the trading data.
World oil prices rising

Baku, Azerbaijan, Dec.16

By Leman Zeynalova – Trend:

The world oil prices are rising on Dec.16, according to the trading data.

The price of February futures for Brent crude oil rose by 0.15 percent and stood at $54.10 per barrel as of 02:00 EST, Dec.16. This is while the price of January futures for the West Texas Intermediate (WTI) oil increased by 0.28 percent to $51.04 per barrel.

The higher prices came after Kuwait, a member of the Organization of the Petroleum Exporting Countries (OPEC), notified customers that it would cut supplies from January as part of an effort by OPEC and other producers led by Russia.

Beyond the impact of cuts from OPEC, analysts emphasized that the willingness of non-OPEC producers to join the cutbacks was significant.

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Follow the author on Twitter: @Lyaman_Zeyn

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