Oil Price Update Today

Oil Price Update Today

Crude oil prices surged at the close of trading Saturday daybreak (13/16) after a report stated OPEC might eventually agree to trim production to reduce the kebihansupply, while a rise in the us stock market providing reinforcement as well.

United Arab Emirates Energy Minister said the Organization of petroleum exporting countries is willing to cooperate on a decline in production, the Wall Street Journalreported after the closing of trading crude oil futures USA on Thursday. He also saidoil prices forced a reduction in the supply of cheap will help balance the market.

The UAE statement, came after futile efforts earlier in the week by Venezuela andRussia to encourage Saudi Arabia and other major producers in approving the decrease of production, which was initially greeted with skepticism by many traders.

The price of crude oil futures WTI closed up $ 3.23 12.32, or percent, at $ 29.44 per barrel, and last traded up $ 2.83, or 10.76 percent, at $ 29.03 per barrel in at 3:29 p. m. ET, from reaching a session high of $ 29.66. WTI crude oil prices hit 12-year lows at $ 26.05 in the previous session. For this week, declined by 5.5 percent.

While the price of Brent crude oil futures rose $ 2.81, or 9.35 percent, at $ 32.89 per barrel. On a weekly basis about 3.7 per cent decrease in neraih.

Although the daily profit is strong, oil prices still ended the week with a significant decline. A rise in u.s. crude oil closed up more than 12 percent, is the best one-day rise since February 2009, when WTI rose 14.04 percent.

The price of crude oil also extend rise after data showed a decline in the eighthconsecutive weekly in the number of u.s. oil drilling rigs. Oilfield services company Baker Hughes rig count report downloads down 28 into a total of 439, compared with 1056 rigs in the past year.

The rise in crude oil prices also got a boost from the rally in the equity markets, with the U.S. and European stock market rebounded from recent weakness.

This Monday, the u.s. market holiday commemorating President's Day.