Oil prices have reached their highest levels in the international market in more than five weeks yesterday, as Brent crude increased to $48.74 per barrel, their highest since July 7.
Meanwhile U.S. West Texas Intermediate crude reached $46.16 per barrel, the highest since July 15, before easing to $45.98, settling at 17 percent above its $39.19 monthly low from August 3.
Worried over the Organisation of the Petroleum Exporting Countries, OPEC, agreement to cut oil production, the Minister of State for Petroleum, Dr. Ibe Kachikwu, said he believed that engagement with the 70 percent oil producers might have impact.
He wrote on his official Twitter account saying: “On oil production cuts by OPEC, optimism on my part is quite sparse but I believe engagement with the 70 percent oil producers might have impact.”
It will be recalled that the price of oil jumped for a third consecutive day at the beginning of the week after some reassurance for the markets that oil’s biggest players were working to stabilise the world’s most important commodity.
Oil spiked by more than one percent earlier on Monday following news that Russia was in talks with Saudi Arabia about the state of the oil industry. Since then both major oil benchmarks have continued to climb as Brent crude in the international benchmark, is higher by 2.26 percent to $48.03 a barrel and US West Texas Intermediate crude is up 2.47 percent to trade at $45.59. Click to signup for FREE news updates, latest information and hottest gists everyday
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