The cost of July futures for North sea Brent crude during trading on London exchange ICE rose 1.03% and made of 54.17 per barrel, according to the auction. The last time the mark of $ 54 raw material of this variety exceeded on April 19.
Oil continues to rise due to the approval of the Minister of energy of Saudi Arabia Khaled al-Faleh that all parties to the agreement OPEC and outside the cartel States agree to extend the agreement to reduce production in nine months. The final decision of oil producing countries will be announced may 25 in Vienna.
Kartel and several other countries have reduced oil production in the six months from 1 January to stabilize the market. The agreement was reached by Russia, several countries and the cartel in the beginning of December 2016. Since the extraction of raw materials declined by one million barrels a day, to 32.06 million.
OPEC consists of 13 countries: Iran, Iraq, Kuwait, Saudi Arabia, Venezuela, Qatar, Libya, UAE, Algeria, Nigeria, Ecuador, Angola and Indonesia.