Oil Price Climbs 3-Months High at $41.43 Per Barrel

CrudeOilGettyFullOil prices rose yesterday with benchmark Brent prices hitting a three-month high on hopes for a coordinated approach by major producers to support prices.

Brent crude futures were trading at $41.43 a barrel at their highest since Dec. 9, up 59 cents on the day.

On Monday, the contract had climbed by 5.5 per cent in intraday trading and it has now gained more than 50 per cent since this year low on Jan. 20.

News of a meeting of Latin American crude producers set in Quito for Friday had boosted oil prices on Monday, and bullish sentiment swept over into yesterday’s session.

The members of the Organisation of Petroleum Exporting Countries (OPEC) and other producers in Russia are also due to meet for talks on March 20, according to the Nigerian petroleum minister, Dr. Ibe Kachukwu.

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