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Oil Prices Surged After The OPEC Deal

New York (Benchmark News) – World oil prices soaring ended on Wednesday (30/11/2016), after the Organization of petroleum exporting countries (OPEC) to grab a deal to trim their production.

The OPEC oil cartel against expectations on Wednesday and ended with a deal cutting production together, the first time since 2008, after going through the difficult talks in Vienna, Austria.

Effective from 1 January next year, OPEC will lower its production of 1.2 million barrels per day, or about 4.5 percent of current production, being 3.5 million barrels per day, the same as what was said their initial agreement in September.

The reduction of this production is also currently coordinating with non-OPEC countries, Russia, which has voiced its readiness to gradually reduce production of up to 300,000 barrels per day.

Russia’s Energy Minister Alexander Novak welcomed a deal freezing oil production of OPEC, said that Moscow is ready to join the agreement to stabilize the global oil market.

The market was encouraged by the release of the details of the deal OPEC.

The benchmark us light sweet crude or West Texas Intermediate (WTI) for delivery in January increased 4.21 us dollars became settled in the 49.44 u.s. dollars per barrel on the New York Mercantile Exchange.

Meanwhile, the global benchmark, Brent North Sea crude oil for delivery in February, increased 4.09 u.s. dollars to close at 50.47 u.s. dollars a barrel on London’s ICE Futures Exchange…(Red).

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