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Oil prices show increasing momentum amid oil production cut

10 December 2018 09:27 432

HOUSTON. KAZINFORM Oil prices increased during the week ending Dec. 7. The price of West Texas Intermediate (WTI) for January delivery increased 3.3 percent, while Brent crude for January delivery increased 5 percent.

In the previous week ending Nov. 30, WTI increased 1.01 percent, while Brent crude lost 0.15 percent. WTI and Brent settled at 50.93U.S. dollars and 58.71 dollars per barrel, respectively, at the end of the week, Xinhua reports.

On Monday, oil prices rose as the world's two largest economies agreed not to impose new additional tariffs and Doha decided to end its 57-year membership in OPEC. WTI rose 2.02 dollars to settle at 52.95 dollars a barrel, while Brent crude increased 2.23 dollars to close at 61.69 dollars a barrel.

The United States and China agreed not to impose new additional tariffs, and instructed the economic teams of both sides to step up negotiations toward the removal of all additional tariffs and reach a concrete deal that's mutually beneficial and win-win.

Analysts said investors' sentiment has been lifted because oil markets were also driven by optimism following the talks.

 

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Keywords: Oil & Gas, World News,
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