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Main » 2016 » February » 12 » Oil prices rose sharply by 5%
Oil prices rose sharply by 5%

On Friday, the ball rebounded, oil prices it than 5% after the comments of the Minister of Energy, OPEC, which give hope for coordinated action to reduce production volumes. But analysts say such a move is unlikely to be undertaken and a surplus of raw materials will continue further.



International standard - oil brand Brent - traded at $ 31.63 a barrel - data as of 4:09 Moscow time, it's $ 1.57 or 5.22% higher from its previous value. Friday's jump occurred after the energy minister of the United Arab Emirates said that OPEC is ready to discuss the question of reducing production to other manufacturers.

The cost of WTI crude oil futures were at $ 27.57 per barrel - at 5.19% or $ 1.36 higher than the previous price.Despite higher oil prices both brands, analysts said, that the probability of matching production reduction policy is very small and low prices as a result of oversupply, and will remain on.

Oil prices have fallen more than 70% since mid-2014 - the producers pumped 1-2 million barrels of oil each day, exceeding the demand.

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