The world's two largest oil producers, Saudi Arabia and Russia declared that they are ready to cooperate in limiting the production of oil, so oil is traded near the highest closing level in last 15 months. On Monday, oil futures contracts in New York have not changed too much after earning about 3.1% value on the global market. Russian President Vladimir Putin said they are eager to participate in efforts of OPEC's production cuts or suspension. On the other hand, Saudi Arabia's Energy Minister Khalid Al-Falih said that he is optimistic that an agreement will be reached and ready to cooperate with other manufacturers. After having an aggreement in limiting the production of oil with the OPEC decision at the last times, the oil market has earned more than 15% value. Al-Falih said it is not an unimaginable situation the prices will reach 60 USD for per barrel by the end of the year. November futures West Texas oil (WTI) on the NYMEX market, prices on Monday closed at its highest level since July 15 with 1.54 USD increase from 51.35 USD. We can also observe the total trading volume is staying under the general average at the last times on the global oil market.
- Date: 11 October 2016 Tue 14:19
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