Oil soared in price by OPEC’s promise to limit production
Oil prices went up sharply on Wednesday after sources Reuters reports that the OPEC countries still have agreed for the first time in eight years, to limit production for the sake of increasing the cost of black gold.
The US dollar has not changed much in a basket of currencies, but fell to a five-month low against the Norwegian krone Norway although not included in the cartel miners, but is a major supplier of oil. The Russian ruble has appreciated to 63.12 per dollar, while the decision to the OPEC announcement quotes were at 63.77; Russia, too, is not a member of OPEC.
Members of the Organization of Petroleum Exporting Countries, meeting in Algeria have agreed to limit the production of oil, starting in November, about a million barrels a day.
US crude has risen by 5.2 percent.
The decision of the cartel supported shares of energy companies from the index S P 500, sets the tone for the entire session in the US stock market.
Prior to the evening news was dominated by pessimism about the prospects for the first since 2008, this kind of pact, although economic difficulties are forcing an unconditional leader of the cartel to Saudi Arabia to make concessions to Iran, whose position is the key to a compromise.
"But still need to see how many barrels actually disappear from the market", – said Maykl Uittner, who is in charge of the oil market research in New York otdeleniiSociete Generale (PA: SOGN).
"But this is potentially a very important decision … I think the importance is primarily in the fact that they were able to agree".
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