Oil rises; departirán oil ministers at the summit in Doha – Investing.com Spain

Investing.com – Oil prices rose about 6% during the trading day in Europe on Tuesday on news that oil ministers of Saudi Arabia and Russia, the main producers , will meet in Qatar in the course of this journey, fueling rumors that there will be a coordinated reduction of production levels.

the ministers of Saudi oil and Russian, Ali al-Naimi and Alexander Novak will meet Tuesday with their counterparts in Venezuela and Qatar in Doha, according to sources.

oil prices soared on Friday, more than 12% after the report stating once again that OPEC could agree finally to cut global supplies.

traders have been very skeptical about the possibility of this agreement because Saudi Arabia has so far resisted the idea that OPEC resume its usual practice to cut their production levels during periods of falling prices.

oil futures have fallen nearly 70% since the summer of 2014. the global oil production is outpacing demand after boom in shale oil production in the United States and after the Organization of petroleum Exporting Countries decided last year not stop production levels to defend market shares.

On the New York Mercantile Exchange, for March delivery traded at $ 31.08 a barrel intraday highs, its highest level since Feb. 8, then back again to stand at $ 31.00 at 2:45, east coast time (8:45 in Spain), rocketing 5.28% or 1.55 SD.

On Monday no oil price of Nymex were liquidated, as US markets were closed to celebrate President’s Day.

Despite the progress registered Fridays, oil prices have left 17% so far this year. Futures plunged to record lows of 13 at $ 26.05 on Thursday, for delivery in the delivery point Cushing, now at historic highs, encouraging continued concerns over the glut of booking.

on the other hand, in the London ICE Futures Exchange, oil for July delivery traded at $ 35.16 a barrel, rocketing 5.32% or $ 1.77 after posting session highs in $ 35.35. Brent prices closed Monday’s session with losses of 0.09% or 3 cents.

The Brent has been left almost 6% in 2016 as investors worried that the huge glut oil match the sharp economic slowdown.

Meanwhile, the spread between the Brent and crude contracts for West Texas Intermediate was at $ 4.16 a barrel.

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