Oil prices rally to four-month highs ahead of Doha meeting

Posted On 13 Apr 2016

Oil prices rose to four-month highs on hopes that the world’s largest energy producers will reach a deal on an output freeze when they meet this weekend in Doha, Qatar for an OPEC Summit. Such a move would be a significant effort to stabilize oil prices. Due to over- supply concerns, oil prices tumbled since 2014.

On Tuesday, oil prices rose sharply, sending Brent crude (the international benchmark) to a new high for the year.
Brent, the international oil marker, jumped over 2 percent on Tuesday to hit a four-month high of $44.63. Brent crude was down 0.8 per cent at $44.35 a barrel in Asian trading, having on Tuesday. It is up 12.2 per cent in the month to date.

The US crude oil benchmark, West Texas Intermediate, climbed to its strongest level since late March on Tuesday. Prices eased slightly on Wednesday morning, down 1.1 per cent at $41.71 a barrel having touched $41.83 yesterday. It is up 9 per cent in the month to date. Brent hit a 13-year low near $27 a barrel in January.

The prospect that the first concerted effort by major oil producing countries to limit production has helped oil prices to rally.

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