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Oil prices: OPEC Approved a long-term Strategy, WTI Reaches the Level of US $ 47

Jakarta (Benchmark News) – The world crude oil price movements observed rising from the lowest level in a month on trading today (Tuesday, 1/11/1999), after OPEC approved a long term strategy which indicated that the cartel controlling production reached a consensus.

According to Bloomberg, the WTI December contract oil price strengthened 0.47% or 0.22 points to US $ 47.08 a barrel at 7:14 am GMT, after opening with a weakening of 0.19% or 0.09 46.77 position points.

At the same time, the European benchmark Brent oil contract for January also strengthened 0.78% or 0.38 points to as low as US $ 48,99, having opened with the Ascension of 0.23% or 0.11 points at 48.71 levels.

As reported by Reuters today, the Organization of petroleum exporting countries (Organization of the Petroleum Exporting Countries/OPEC) yesterday approved a document that outlines a long-term strategy for setting crude oil.

It means the return of OPEC’S role in regulating the market and become more proactive in anticipating market changes.

Meanwhile, the U.S. dollar index which measures the movement of the dollar against a number of major currencies tracked down this afternoon despite thin of 0.03% or 0.027 points to as low as 98.418 at 13:42 GMT after opening with attenuation 0.04% or 0.036 points at position 98.409.

The weakening of the dollar value of imports caused the fuel being cheaper for countries that use the currency to another and potentially encouraging demand.

However, the strengthening of oil this afternoon is limited by indications of offer load production from OPEC. According to a Reuters survey, OPEC oil production likely records the highest amount in October.

Oil production rose to an estimated 33.82 million barels per day in as Nigeria and Libya continue partially dropped after briefly interrupted while Iraq increase its export…(Red)

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