Oil prices took off earlier today when Russia’s energy minister told about a possible meeting between OPEC and other producers to discuss production cuts.
Brent March oil was up to $ 35.84 a barrel at the highest, up around eight percent in today’s trading.
During the evening Norwegian time, oil prices have fallen back, according to Bloomberg by statements from OPEC delegates if no calls are being planned.
Last quotation is 33 , $ 77 a barrel, which is up only two percent
– Is that right, we shall much higher
The delegates also said that Saudi Arabia has not proposed to cut production by five percent but at the same time that the country is open for cooperation with all manufacturers.
– If not Saudi Arabia says something, this is just noise, said Mike Wittner, chief analyst for oil at Societe Generale in New York news agency.
– The one thing I am certain, is that oil prices will remain at current levels at these innovations. If this turns out to vote, we shall much higher, and if not, we will return to 26 dollars a barrel, he said.
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