touched Futures US crude new highs for 2016 on Friday, sending the rise for the fifth consecutive week due togrowing optimism that the major producers Sabermn an agreement to install production while prices also supported the low – interest environment.
Rose contract closest to maturity of two years Brent crude to $ 41.56 a barrel and climbed earlier to $ 41.71 in a new high for the year level. The crude closed up $ 1.21 at $ 41.54 on Thursday.
The decline both contracts during the day Friday, referring to resistance at $ 40.
He said Avtar Sandu commodity contracts manager at Phillip Futures in Singapore ” The market is trying to take the top producers movements in the price calculation. . Beyond that, the $ 40 oil is a very expensive price in light of the oversupply in the market. ”
oil prices have surged more than 50 percent from its lowest level in the 12 years since the Organization ofPetroleum exporting countries raised [OPEC] the idea of installing production, raising Brent of about 27 dollars and US crude from around $ 26.