Oil continues to rise in price, trading at the highs from late June – RIA Novosti

08:58 19.08.2016

(updated: 08:59 19.08.2016 )

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MOSCOW, August 19 – RIA Novosti / Prime Global oil on Friday, prices continue to rise, Brent crude oil remains at high from June 23 -. above 51 dollars per barrel, according to the auction

As at 08.47 MSK cost of the October futures for North Sea petroleum mix of mark Brent rose by 0.37% – to 51.06 dollars per barrel. September futures price for WTI crude oil increased by 0.77% – to 48.59 dollars per barrel

have expectations of the largest manufacturers of Action to restore the balance of supply and demand support the oil market.. At the OPEC president last week, the head of the Department of Energy of Qatar, Mohammed bin Saleh al-Sada said that the cartel plans to hold an informal meeting on the sidelines of the International Energy Forum in September in Algeria. Later, Saudi Arabia and Russia have also expressed their willingness to participate in coordinated action to support the market.

At the same time, a number of investors to doubt the success of this meeting, in particular, the possibility of freezing the cartel’s production countries. Many of them are currently out on the production peaks

So, according to the organization “Joint Oil Data Initiative” (JODI), the export of oil in Saudi Arabia in June rose to 7.5 million barrels per day. – maximum in March, said the agency Bloomberg. Production volumes increased to 10.55 million barrels per day in May to 10.27 million barrels per day. In July, the production of Saudi Arabia reached a record level of 10.67 million barrels per day.

The Economist Credit Suisse on the World Energy Ian Stewart expects that oil prices remain in the range of 45-50 dollars per barrel, as significant fundamental changes in the market. “The best that can be expected from Russia, Saudi Arabia, Iran and Iraq – the contract is not to wage war for market share”, – he said

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