The price of a barrel of North Sea oil flipped over $ 50 on Thursday. Friday morning traded a barrel North Sea oil for $ 51.11.
The price has risen more than 20 percent since the start of August, when the price was down to $ 40 a barrel. Among the reasons is that OPEC will hold an informal meeting next month in Algeria. The organization has hinted that the talks may involve measures to stabilize the oversupplied market.
In addition, figures from the United States that the country’s oil inventories decreased by 2.5 million barrels in the week leading up to August 12. US gasoline inventories decreased simultaneously by 2.7 million barrels, indicating increased demand in the country which is the world’s largest oil consumer.
A barrel US light crude for delivery in September, Friday morning traded for just over $ 48. (© NTB)
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