Khandan – Oil rose more than one percent to its highest level in four months on Thursday, with the support of a new informal meeting of the Organization of the Petroleum Exporting Countries (OPEC) on reducing production and the drop in US crude stocks at a time when some say the market has achieved a gain of about 15 percent in seven sessions.
Sources in the OPEC energy ministers from Saudi Arabia, Iran and Iraq will be amongst senior representatives of the organization who will meet with Russia is not an OPEC member to hold informal talks next week on the sidelines of an energy conference in Istanbul.
Rose ore International benchmark Brent 65 cents , or about 1.3 percent to reach a settlement at US $ 52.51 a barrel. The crude rose earlier to $ 52.65 a barrel , its highest level since the ninth of June, according to “Reuters”.
Closed WTI US mediator , up 61 cents , or about 1.2 percent to $ 50.44 a barrel in the first settlement at a level exceeding fifty dollars since June 24.
oil rose more than six dollars a barrel since OPEC announced during informal talks in Algeria on 28 September that it hoped to reduce production to between 32.5 million and 33 million barrels per day ,which will be saved heaving about supply from about 700 thousand global market barrels a day, and analysts estimate the surplus in supply about one million to 1.5 million barrels per day.
in addition , OPEC pledged to cut production prices received support from an unexpected drop in US crude inventories for the fifth consecutive week reached a total withdrawn from stocks since the beginning of September to 26 million barrels according to government data showed on Wednesday.