Oil Price Rises After As OPEC Meets
- Jumai
- Mar 17, 2016
- 1 min read
Oil prices have begun to pick up following a recent meeting of Organization of the Petroleum Exporting Countries (OPEC) members were fences were mended.
According to Reuters, the members have supported holding talks next month on a deal to keep production at current levels.
The meeting will reportedly have an increase the first global supply deal in 15 years.
Currently, U.S. crude was up 65 cents at 39.11 dollars a barrel at 0452 GMT, having earlier risen as high as 39.38 dollars. Brent crude rose 38 cents to 40.71 dollars.
Crude inventories increased 1.3 million barrels in the week to March 11 to 523.2 million, a much smaller build than the 3.4 million-barrel increase expected by analysts.
Recall that oil prices rose close to $40 per barrel on March 7. The reduction in the output of US production increased the North American WTI crude benchmark.
Brent crude which is the benchmark in the pricing of Nigerian oil increased by nearly 0.76 percent and reached some of the highest levels since early January and standing at $39.48 per barrel.
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