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Oil Prices Ascent as OPEC and Its Allies Set to Meet

The prices for oil futures advance on Thursday ahead of a meeting between OPEC and non-OPEC partners hoping for a deal striking concluding a new agreement to reduce output against the backdrop of a decrease in global oil demand gives a positive impetus to energy market.

oil prices advancePhoto: Flickr

Brent crude futures added 1.89 percent, to $33,45 per barrel after touching a maximum of $33.90 per barrel. WTI futures surged by 4.18 percent, to $26,13 per barrel at 0700 GMT after soared by more than 6 percent during the previous settlement. 

The OPEC and non-OPEC partners, including Russia, are planning to hold a videoconference meeting on Thursday.

This is the second attempt to discuss to reduce oil production. The first gathering took place in March and the sides failed to agree to continue supply cuts further, triggering a price war between Russia and Saudi Arabia.  

Russia previously said it was ready to lower production by 1.6M barrels and Algeria´s oil minister told the Cartel would talk a solid lowering that could touch 10M bpd. Investors also expect the U.S. to join other major oil producers and agree to some level of output cuts.

Source: Reuters

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