Oil price is growing on Friday on the matching of the market expectations with the results of OPEC and non-OPEC countries meeting.
January Brent futures were 21 cents or 0.34 % up, at 62.84 on Friday morning. At the end of London ICE Futures trading session on Tuesday evening, the contracts price went up by 0.1 cents or 0,1 %, to $62.63 a barrel. Trading on January Brent future contracts finished at level $63.57 a barrel (+0.73%) on Thursday.
January WTI futures were 16 cents or 0.28% up, at 57.56 on Wednesday morning. The contract price went up by 10 cents or 0.17%, to $57.40 a barrel at the end of NYMEX trading session on Tuesday evening.
OPEC+ meeting, where OPEC and non-OPEC countries took part, took place in Vienna on Thursday. The main issue of the meeting was the extension of oil production cut for the term of six to 9 months. The countries agreed to extend oil cut deal until the end of 2018 with the same conditions.
According to Chris Midgley, S&P Global Platts’ head of analytics, “OPEC and non-OPEC countries, having agreed to extend current production quotas, manage the fine balance, which is likely to maintain the prices at current levels”.