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Brent quotes have risen by 1.6%

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Brent quotes have risen by 1.6%

Brent quotes have risen by 1.6%
September 19
09:00 2016

On Monday’s morning oil quotations have begun to rise again. The reason for this is the evidence that Libya has been unable to start the oil shipping from one of the captured ports. What is more, the words of the Venezuelan President that the agreement on the production freeze will be concluded soon have become one more cause of the oil shipment delay.

On the London Stock Exchange futures for November Brent crude oil have increased by 1.6% and amounted to $ 46.53 per barrel to the beginning of the day.

For the same period the price of October futures contracts for WTI crude oil has grown by 1.9% to $ 43.83 per barrel on electronic trading on the New York Mercantile Exchange.

At the weekends Nicolas Maduro reported that the raw material producing countries had come close to make the agreement on the oil freeze. Venezuela is one of the most active supporters of the agreement because its economy has been significantly undermined by the oil price collapse.

Meanwhile, Libya hasn’t fulfilled   its promise due to the fact that the armed conflict between the supporters and the enemies of the central government is going on. Because of this Libya is unable to load tankers in the port of Ras Lanuf, which terminal hasn’t been used for 2 years due to the civil war.

The oil market finished the previous week in the red as the quotes had fallen to the month’s lows due to rumors that some countries were going to increase the supply. The Iranian export is increasing. Futures for Brent crude oil have fallen below $ 46 at the end of trading. The drop has amounted to five percent this week.

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