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LONDON / NEW YORK – (dpa-AFX) – Oil prices rose sharply on Thursday after initial losses. The price of a barrel of brent from the North Sea reached 59.88 dollars. That was $ 1.12 more than the day before. The price of a barrel (159 liters) of West Texas Intermediate (WTI) increased from $ 1.51 to $ 51.81. For the first time since October 2017, the WTI price fell below $ 50 in the morning.
Reports that Russia could agree on a production restriction with the OPEC deal backed oil prices in the afternoon, according to traders. Earlier, remarks by Saudi energy minister Khalid Al-Falih and Putin raised fears that OPEC could agree to a significant reduction in production with the main producing countries at the same time. its scheduled meeting in Vienna next week.
According to Putin, Russia can very well live with a $ 60 oil price. Meanwhile, Al-Falih stressed that the production would not be cut on its own. Saudi Arabia had recently significantly increased its funding, putting pressure on prices. The American president Donald Trump thanked for that via Twitter. The fall in the price of oil is like a tax cut in the United States, the president wrote.
Putin and Saudi Crown Prince Mohammed bin Salman apparently want to meet on the sidelines of the G20 summit in Argentina on Friday. It should also be a common line for the December meeting. / Jsl / she
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