Oil prices rise after massive losses again - Opec discussed measures

One Barrel (159 litres) of North sea Brent hit around noon 54,95 dollars. The were 50 cents more than on Monday. The price for American crude oil of WTI increas

Oil prices rise after massive losses again - Opec discussed measures

One Barrel (159 litres) of North sea Brent hit around noon 54,95 dollars. The were 50 cents more than on Monday. The price for American crude oil of WTI increased 80 cents to 50,91 dollars. db Oil price Brent 54,96 USD +0,26 (+0,48%) OTC

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In the night of Tuesday the crude oil prices had slipped on the descent and on the lowest level for well over a year. At times the American price of crude oil for the first time since January, 2019 for less than 50 dollars. In early January, WTI cost more than $ 62, Brent of more than $ 67 per barrel.

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Opec discussed until Wednesday action

With these consequences be on Tuesday, experts of the Opec and other major oil producers apart. After evaluation of raw materials experts Carsten Fritsch of Commerzbank, the pressure on the so-called "Opec+" to do something to stabilize the price of Oil rises.

In Vienna, experts from the Opec+ meet until Wednesday to discuss the consequences of the Corona-crisis for your business. The market is speculating about an early meeting of the Opec+, also belongs to Russia, at the end of the coming week. Experts expect that the oil producing countries will reduce their Oil production further.

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/Reuters
Updated Date: 04 February 2020, 14:00

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