Jakarta (Benchmark News) – Crude oil prices continued volatile in the middle of the action of speculators that awaits the decision of the oil producing countries to freeze output.
Trading on Thursday (24/11/2016) 17.30 GMT, oil prices of West Texas Intermediate (WTI) March contract 2017 rectified 0.04 0.08% or points to US $47,92 per barrel.
As for the trade in crude oil WTI is in the range of US $47.8 barrels-US $48,17 barrels.
As quoted from Bloomberg, Tuesday (24/11/1999), Rob Thummel, Managing Director of portfolio of Tortoise Capital Advisors LLC said the OPEC meeting still dominated sentiment in the markets.
Currently, the price of world crude oil begins to heat up along with the presence of OPEC production restrictions in the plan.
Meanwhile, the price of Brent oil contract January 2017 degenerate thin 0.04 0.08% points or become US $48,91 per barrel. The price of Brent oil briefly traded at a level of US $49,12 barrels.
In the last week, the price of Brent oil had recorded an increase of up to 4.66%.
Oil prices briefly floating around the level of US $50 a barrel as the market is still waiting for OPEC’S attitude in the meeting held on 30 November 2016.
Earlier at a meeting of 28 September in Algeria, OPEC agreed to trim production around 700,000 barrels into 32.5-33 million barrels per day.
Iraq’s Prime Minister Haider Al-Abadi said his country will participate in the reduction of OPEC production. Iraq will agree a deal cutting production plans at a meeting of OPEC next week…(Red)