Oil prices rising amid record bets
Baku, Azerbaijan, Feb.21
By Leman Zeynalova – Trend:
Oil prices are rising on Feb.21 amid record bets on Brent and WTI oil, as OPEC countries cut the oil output.
The price of April futures for Brent crude oil has increased by 0.87 percent to $56.67 per barrel as of 04:58 EST. The price of March futures for West Texas Intermediate (WTI) oil grew by 1.07 percent to $53.97 per barrel.
Oil prices are supported by implementation of the OPEC output deal. OPEC countries reduced their crude output by 890,000 barrels per day in January 2017, as compared to December 2016.
Earlier, OPEC said in its oil market report that the cartel has fulfilled 90 percent of the oil production cut target in January.
Crude oil output decreased the most in Saudi Arabia (down by 496,200 barrels per day), Iraq (down by 165,700 barrels per day) and the UAE (down by 159,300 barrels per day), while production in Nigeria (up by 101,800 barrels per day), Libya (up by 64,700 barrels per day) and Iran (up by 50,200 barrels per day) increased, said the OPEC report based on secondary sources.
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