Baku, Azerbaijan, July 24
By Elena Kosolapova - Trend:
World oil prices are rising on July 24, amid hopes for a decision to include Nigeria and Libya in a production-cap deal orchestrated by the OPEC.
The price for September futures of Brent oil has increased by 0.85 percent to $48.47 per barrel as of 7:29 a.m. EDT (UTC-4).
The price for September futures of West Texas Intermediate (WTI) rose by 0.7 percent and stood at $46.09 per barrel as of 7:29 a.m. EDT (UTC-4).
The US Energy Information Administration (EIA) in its July 2017 Short-term Energy Outlook forecasts average price for Brent oil at $50.79 per barrel in 2017 and $51.58 per barrel in 2018.
WTI oil prices are forecast at $48.95 per barrel in 2017 and $49.58 per barrel in 2018, according to the EIA.