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Oil prices rise after comments on extending of reducing production agreement

Dubai – (Masaader News)

Recent comments on extending of the oil production reduce have pushed prices higher, with Brent crude futures up 1.98% to $ 51.80 a barrel on Monday.

The price of NYMEX crude futures rose 48.98 dollars a barrel, on 1.96 percent.

Saudi Arabia and Russia will reduce crude oil production by mid-year until March 2018, the Saudi and Russian energy ministers said in a joint statement today at their meeting in the Chinese capital Beijing on the sidelines of the Silk Road Forum.

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