Oil prices rising amid OPEC-led output cuts
Baku, Azerbaijan, Feb.14
By Leman Zeynalova – Trend:
World oil prices are rising on Feb.14 following the report released by OPEC about achieving 90 percent compliance in output cut.
The price of April futures for Brent crude oil rose by 0.54 percent to $55.89 per barrel as of 03:25 EST. Meanwhile, the price of March futures for West Texas Intermediate (WTI) oil has increased by 0.42 percent and stood at $53.15 per barrel.
In January, OPEC production decreased by 890,000 barrels per day, according to secondary sources, to average 32.139 million barrels per day, the cartel said in its February Oil Market Report.
However, these efforts are offset by the growing shale output in the US where the production has increased to 8.98 million barrels per day, or 6.5 percent more than in mid-2016 and highest level since April 2015.
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