Oil Prices Increased in Anticipation of OPEC Meeting

Forex News

Oil is trading with insignificant growth, and investors' attention is directed to the results of the OPEC meeting in Vienna today, where the future of the contract for reducing the extraction of raw materials will be discussed. OPEC and several countries outside the cartel agreed to cut oil production by 1.8 million barrels per day in December 2016, and later agreed to extend the contract until March 2018.

It is expected, that OPEC and the countries that are not members of the organization, intend to agree on the extension of the global agreement on limiting oil production by the end of 2018.

Futures for Brent crude rose in price by 0.42% to $62.79 per barrel. Futures for the American oil WTI are trading at $57.49 per barrel, which is 0.33% higher than the previous closing.