World Oil Prices Rise Thin 2% After meeting Petroleum Producers

PT Equityworld - Crude oil prices rose about 2 percent in late trading weekend early Saturday (21/01) supported expectations that the weekend meeting of the world's major oil producers will demonstrate adherence to the agreement decline in global production.

US crude oil futures price of West Texas Intermediate (WTI) closed up $ 1.05, or 2 percent, at $ 52.42 per barrel.

Crude oil prices nerjangka international benchmark Brent rose $ 1.34, or 2.5 percent, at $ 55.50 a barrel at 14:33 ET (1933 GMT).

A weekend meeting in Vienna of the members of the Organization of Petroleum Exporting Countries and some producers outside the group, including Russia, will establish a mechanism for verifying compliance with the manufacturer to run a deal to reduce production by 1.8 million barrels per day (bpd), OPEC secretary general says told Reuters.

Saudi Arabia's Minister of Energy said that 1.5 million barrels per day has been taken out of the market, adding to signs that the oil market is balanced.

Oil prices could reduce profit after the oilfield services company Baker Hughes reported weekly count of oil refineries operating in the United States increased by 29-551, compared with 522 at this time last year.

Swelling pasoka in the US and rising oil shale production could threaten rebalancing the market, analysts said.

US crude inventories rose unexpectedly last week as refineries memprelambat production, while gasoline inventories surged amid weak demand, the Energy Information Administration said on Thursday.

Crude inventories jumped 2.3 million barrels in the week to January 13, while the increase in gasoline much larger than expected, especially in the US East Coast where inventories swelled to their highest level on record for the year.

The market also examined data on the number of US refineries as an increase in exploration drilling and wells more efficiently and increase the production of oil.

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