Oil hits $46 per barrel

Oil hits $46 per barrel

Oil rose more than one percent yesterday, boosted by the  commitment from the Organisation of the Petroleum Exporting Countries (OPEC) to stick to output cut deal.

According to Reuters news, Brent crude  traded at $46.20 per barrel, up 62 cents, or 1.36 per cent, from the previous close. US West Texas Intermediate (WTI) crude  was up 75 cents, or 1.7 per cent, at $44.82 a barrel.

However, prices remained more than $7 below last month’s high due to continued doubts over the feasibility of the group’s plan.

OPEC’s  Secretary-General, Mohammed Barkindo, said “the group was committed to an output-cutting deal made in Algiers in September. We as OPEC, we remain committed to the Algiers accord that we put together. All OPEC 14 members, we remain committed to the implementation,” he told reporters at a conference in Abu Dhabi. Read more 

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