Confidence grows in OPEC’s oil deal
Following these developments, Brent oil rose by 4.4% to close at $48.90 a barrel in London on Monday, which was the highest level in three weeks. Future prices continued to climb above $49/bbl on Tuesday’s daily trading.
Goldman Sachs Group Inc. also sees an agreement on an oil cut very likely, media reports reveal. Accordingly, the investment bank raised its oil-price forecast for early 2017 to an average of $55 a barrel from $45-$50.
So far in OPEC pre-meeting discussions, Russia said it is willing to freeze oil output at current levels. Iran expressed its hopes to reach a consensus over the matter and Iraq mentioned they will make proposals to help OPEC reach an agreement.
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