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BRENT crude oil is rising in price to $ 46.5 per barrel in anticipation of the OPEC meeting

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BRENT crude oil is rising in price to $ 46.5 per barrel in anticipation of the OPEC meeting

BRENT crude oil is rising in price to $ 46.5 per barrel in anticipation of the OPEC meeting
September 21
09:00 2016

On Wednesday oil quotes are growing amid the reports that the OPEC meeting in Algeria at the end of the month may acquire the status of the official one. Previously, it was planned as an informal meeting.

On the London Stock Exchange November futures for Brent crude oil have risen by $ 0.58 and reached $ 46.46 per barrel at the beginning of the day.

By that time prices of November contracts for the US WTI crude oil have increased by $ 0.76 to $ 44.81 per barrel on electronic trading on the New York Mercantile Exchange.

Algerian Energy Minister Noureddine Boutarfa has made a statement that an informal meeting of the OPEC may become a full meeting of the cartel if the members of the organization on the preliminary dispute will take a decision about this. All 14 members of the cartel are going to take part at the meeting. According to Boutarfa, the supply on the global oil market must be reduced by 1 million barrels in order to bring the market to a balance and the price to the stability.

Meanwhile, the American Petroleum Institute has recently reported that commercial stocks of raw materials in the United States fell by 7.5 million barrels last week.

The publication of the official data is being expected on Wednesday afternoon. The agency S & P Global Platts estimated the increase of the US inventories of raw materials by 2.8 million barrels last week.

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