Oil prices continue upward ahead of oil meeting in Doha this weekend, and Brent oil rose earlier Tuesday to the highest prices so far this year – at $ 43.61 a barrel.
At the moment, the Brent oil traded at $ 43.37 a barrel, up 1.26 percent, while WTI oil is up 0.92 percent to $ 40.73 a barrel.
According to Reuters supported the rising oil price of hope that oil producers will reach agreement on production freeze during the meeting in Doha on 17 April, in addition to a weak dollar and further signs of strong demand from China.
– the weak dollar is an important reason, says Eugen Weinberg at Commerzbank said.
– Besides contributing to the fact that we are over 40 dollars and constantly reaches new highs also to price rise, since it encourages speculative buying, he points out.
Increased sales of new cars in China, which is a sign of strong gasoline demand and strike threats from thousands of oil and gas workers in Kuwait, is also helping to raise oil prices.
– If it is not clear whether the strike will last a long time and have a significant impact on exports or domestic production (including refineries), illustrates the additional pain that oil producers in the Gulf are facing at the current price level, says analyst Petro Matrix news agency.
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