The price of oil rose 9 percent after OPEC meeting
The price of Brent crude oil reached 51,81 per barrel and WTI to $ 49,30 per barrel.
World oil prices increased dramatically after the appearance of the official messages on the limitation of oil production by OPEC countries. This is evidenced by the auction.
OPEC agreed to cut oil production by 1 January 2017 at 1.2 million barrels per day. After reducing the level of oil production should reach 32.5 million barrels per day.Also, Russia agreed to cut oil production.
So, in the course of trading the price of February futures for North sea petroleum mix of Brent increased by 9.49 percent to 51,81 per barrel.
The price of January futures for WTI crude oil rose 9 percent to $ 49,30 per barrel.
Note that oil rose in price and before the OPEC meeting, but its price does not exceed $ 47 per barrel.