The price of oil has had its longest rise in more than a month in the wake of the world’s two largest råoljeproducenter on Monday indicates that they want to extend the production cap in the next year.
Move will likely to convince other countries to do the same, according to a comment from Goldman Sachs, reported by Bloomberg News.
Oljeterminerna climbed for the fifth day in New York and extended, hence the hefty tvåprocentiga the rise, as noted in Monday’s trading. The movement during the night on Tuesday was moderate.
Saudi arabia and Russia’s energy ministers said on Monday that they would prefer to extend the production cap to the end of march next year.
Russia and Saudi arabia’s gambit
”The comments from saudi Arabia and Russia pushing up the prices but I am skeptical that the oil will land on a new level,” said Hong Sung Ki, a råvaruanalytiker at Samsung Futures to Bloomberg News. ”Producers in the united states is expected to increase the supply and it will continue to dampen prices,” he said.
WTI oil for junilevereans had climbed 11 cents to 48:96 dollars per barrel on the NYME when the time was 13.30 in Seoul on Tuesday.
Brent for julileverans rose 6 cents to 51:88 barrel on the ICE Futures Europe.
Tomorrow, Wednesday, will the statistics on u.s. oil inventories. According to Bloomberg News survey vänas they have dropped by 2.75 million barrels to 519,8 million barrels during the week ended may 12.
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