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Russia plans to lower its mining activities.
29. November 2018 at 20:06 TASR
NEW YORK. Oil changed direction on Thursday and prices rose sharply.
The markets reacted to the report that Russia was planning to reduce its mining activities.
This would involve Saudi Arabia and other members of the Organization of the Petroleum Exporting Countries (OPEC), which must reduce their production and thus raise commodity prices.
However, despite current growth for November, oil prices are heading for the biggest monthly decline since the 2008 financial crisis, with a 22% drop to date.
Barrel (159 liters) of West Texas Intermediate (WTI) light oil with delivery in January sold 51.47 euros (45.46 euros) Thursday at 18:44 CET. This was 1.48 USD or 2.94% more than the day before the end of the transactions.
The January contract for the Brent crude oil blend rose $ 1.20, or 2.04%, to $ 59.96 per barrel.
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