Brent oil price up by 3% amid OPEC decision to increase production

Brent oil price up by 3% amid OPEC decision to increase production

WAAR-DUHOK:

 

The price of the futures contract for Brent crude oil deliverable in August 2018 rose by 3% at the ICE Exchange in London to $ 75.2 per barrel amid news about OPEC’s decision to increase production by 1 million barrels per day. This is according to the trading data.

According to the state oil minister of Nigeria, Ibe Kachikwu, the actual increase in OPEC production will be 700,000 barrels per day, Bloomberg reported earlier on Friday.

Amid the reports about the rise in oil prices, the dollar-ruble exchange rate on the Moscow Stock exchange declined by 1.17%, to 62.97 rubles to the dollar, the euro rate dropped by 0.71% to 73.4 rubles.

 

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