Russian Economy News: Oil prices are rising after the agreements reached by the Russian Federation and Saudi Arabia

Tuesday, September 6, 2016

Oil prices are rising after the agreements reached by the Russian Federation and Saudi Arabia – RIA Novosti

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MOSCOW, September 6 – RIA Novosti World oil prices on Tuesday grow, continuing the positive trend of the previous trading session, against the backdrop of the agreements Russia and Saudi Arabia in support of oil market cooperation, trading data show. .

As at 07.36 MSK price of November futures for North Sea petroleum mix of mark Brent rose by 0.23% – to 47.74 dollars per barrel. October futures price for WTI crude oil rose by 1.96% – to 45.31 dollars per barrel.

On Monday, Russia and Saudi Arabia agreed on joint or in cooperation with other oil-producing operations in order to maintain stability in the oil market and sustainable level of investment in the long term. The statement was signed by the countries Energy Minister Alexander Novak and Khalid Al-Falih.

The application generally optimistic was seen by the markets against the backdrop of the forthcoming in September in Algeria XV International Energy Forum, on the sidelines of which the OPEC countries are planning to hold an informal meeting. It is expected that OPEC at this meeting to resume talks on freezing with countries within and outside the cartel. However, many investors remain skeptical about the success of the meeting.

Novak later on Monday, he said that the Russian Federation and Saudi Arabia, considered the various tools for the oil market stabilization, recognized the most effective in the current situation, production levels freezing. He added that the issues of terms and criteria of the present embodiment will be discussed in September in Algeria.

At the same time, Al-Falih on Monday said he is optimistic about cooperating with other countries on the eve of the meeting in Algiers. He added that the production level of frost is not the only way to deal with excess supply in the market, reports Reuters.

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