Oil prices rose on the assurance of Saudi Arabia’s readiness to cooperate

Moscow. November 24. Oil prices rising on Tuesday on the allegations of Saudi Arabia’s readiness to cooperate with OPEC, and also with States outside the cartel to stabilize oil prices, reports Bloomberg.

The corresponding statement was published on Monday, the news Agency Saudi Press. Last week, a similar thought was expressed by the Minister of oil of Saudi Arabia Ali Ibn Ibrahim an-Nuaimi.

However, the market is waiting for data on commodity reserves of oil in the US, which probably rose last week by 1 million barrels.

Quotations of January futures for Brent crude on London’s ICE Futures exchange to 8:45 Moscow time rose by us $0.21 (0.47 percent) to $45,04 per barrel. By the close of market on Monday, the value of contracts has increased by $0,17 (0,38%) to $44,83 per barrel.

Futures price for WTI crude oil for January in electronic trading on the new York Mercantile exchange (NYMEX) rose on Tuesday morning on $0,31 (0,74%) – to $42,06 per barrel. On the eve of WTI crude oil for January delivery dropped $0,15 (0,36%), to $41,75 per barrel, although longer contracts showed a rise.

“The market is likely to fluctuate a little on any news prior to the OPEC meeting. Volatility will continue,” said chief investment officer at Ayers Alliance Securities Jonathan Barratt.

Next OPEC meeting will take place on 4 December. The share of OPEC accounts for 40% of world oil production, oil production by the countries belonging to the organization exceeds the official quota of 30 million barrels per day (b/d) for 17 consecutive months.

In October the countries of the cartel produced an average 31,38 million b/d. According to informed sources, OPEC can raise the quota to 31 million b/d, to account for the return of the group of Indonesia.