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Brent crude oil is growing to $ 47.7 against the hopes of joint actions of oil-producing countries

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Brent crude oil is growing to $ 47.7 against the hopes of joint actions of oil-producing countries

Brent crude oil is growing to $ 47.7 against the hopes of joint actions of oil-producing countries
September 06
09:00 2016

The growth of oil prices is going ahead on the optimistic expectations regarding the agreement between Russia and Iran on the likely joint activities to stabilize the oil market.

Previously, the cost of oil in the process of the trading reached $ 49.40 per barrel. But then prices declined due to the fact that market participants doubted the probability of an agreement between the oil-producing states.

After Russia and Saudi Arabia issued a statement on joint actions, their initiative was supported by Venezuela.

Meanwhile, Iran, being on the third place among the largest producers of raw materials, continues to increase the oil production in order to regain the level of exports, which it had before sanctions.

The cost of futures contracts for Brent crude oil for November has increased by 0.15% – to $ 47.70 per barrel to the beginning of the day.

The price for the WTI brand is $ 45,26 per barrel. A day earlier the exchange did not work because of the day off. Respectively, on Tuesday the increase has amounted to1.85%.

Within the framework of the G20 summit, on Monday Alexander Novak and Khalid Al-Falih signed a common statement in order to stabilize the oil market. Russian Energy Minister Alexander Novak said that both countries possessed certain tools in order to affect the raw materials market, including instruments for freezing oil production.

Moscow and Riyadh are going to hold the first meeting of the working group on cooperation in the oil and gas sector in October. In addition, the ministers are going to meet at the International Energy Forum in Algeria in September and at the OPEC meeting in Vienna in November.

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