Oil rose 10% after OPEC statements – News Economy

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Photo: Daniel Acker / Bloomberg

Stock market quotes of Brent and WTI brands once again rose sharply against the background of statements about the possibility of decline in oil production.

At this time, the reason for the oil rally began to comments the Minister of Energy of the United Arab Emirates Suhail Al Mazrui’s readiness to cooperate with other countries to reduce oil production.

In an interview to television channel Sky News Arabia Minister said that “optimistic about the future prospects of the oil market.” According to him, oil production will start to fall soon due to the fact that some countries have significantly reduced investments in production. The minister also said that OPEC are ready to cooperate with other oil-producing countries to stabilize the world oil production rates.

Against this background, Brent futures on the Intercontinental Exchange (ICE) for delivery in April rose by 9.6% to a value above $ 32.94 per barrel. Contracts for WTI crude oil for March delivery on the New York Mercantile Exchange (NYMEX) jumped 12% to $ 28.94 per barrel.

Despite the rapid growth of quotations on Friday, stock prices in general in the last week fell: WTI crude oil lost 5.3%, Brent crude fell by 4%

it is worth adding that for WTI crude oil price growth on Friday, February 12, was the most powerful of. the last 7 years. Prior to this, the maximum one-day growth of futures for WTI was shown in February 2009, when the quotation increased by 14%.