Oil rises – market responds positively

August 01, 2017 | 16:47 |1345

Starting from the last week, the positive trend reigns on the uncertain energy resource market. If in the beginning of the week the price for the International benchmark Brent crude was $52.41 per barrel, then by the end of the week it exceeded $52 per barrel. U.S. West Texas Intermediate (WTI) crude was about $50 per barrel. As was reported, last year, OPEC countries, along with other oil producers, agreed to cut oil production that have a positive impact at the oil market, according to experts. Vice Chairmen M. Babayev reported during a meeting of the Cabinet of Ministers of Turkmenistan that Turkmenistan had exceeded the plan for the oil and gas condensate production within January-June, 2017 up to 5.1%.