The price of oil in Tokyo has updated the annual maximum

Цена на нефть в Токио обновила годовой максимум

The price of oil increases

The price of oil increased by 8.3% in comparison with the auctions on November 30.

The price of the futures contract for Dubai crude oil for delivery in April 2017, in the course of trading on the Tokyo commodity exchange rose to its highest level in a year amid OPEC decision to cut production of raw materials, according to the auction.

In the early morning session price for 1 kiloliter (6.29 bbl) Dubai crude oil was 36140 yen (about $321,5 at the current rate).

Compared to the auction on Wednesday, the figure climbed 8.3 per cent.

Oil prices rose sharply

We will remind, on 30 November, 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. Russia also agreed to cut oil production.