Brent crude oil exceeded the mark of $ 50 on the background of the OPEC meeting expectation in September
On Friday the trading session was open with the fall of oil quotes, which later began to grow. The experts expect that the price for oil can finish the unprecedented rate of increase. This is for the first time in the last five months. Relative to the level of the early month, raw materials have already increased in price by more than 20% against the decrease in oil reserves. Also, this has happened due to the data regarding possible joint actions of oil-producing countries on the restriction of oil extraction.
The meeting of the OPEC member states is scheduled for the end of September. Many countries are interested in the resumption of negotiations on the freezing of raw material production at the current levels. In April similar negotiations had come to nothing because of Iran’s position. The former chairman of the OPEC Chakib Khelil suggested that the world’s largest exporters of oil may reach a consensus on the issue of the production decrease at the meeting in September in Algeria. The official expects such an outcome as Saudi Arabia, Iran, Iraq and Russia produce the highest volume of the “black gold” or are close to it.
On the London Stock Exchange October futures contracts for Brent oil have fallen in price by 1 cent – to $ 50.88 per barrel to the opening of the session. By that time the prices for September futures for WTI oil have increased by 0.3% – to $ 48.36 per barrel on the New York Mercantile Exchange trading.