(MENAFN- Trend News Agency ) Baku, Azerbaijan, Aug.31
By Leman Zeynalova – Trend:
The prices for Brent crude oil are dropping, while the West Texas Intermediate (WTI) oil is rising in price on August 31.
The price for October futures of Brent oil has decreased by 0.29 percent to $50.71 per barrel as of 06:41 (UTC + 4).
The price for October futures of WTI grew by 0.02 percent and stood at $45.97 per barrel.
This is while Angola's Minister of Petroleum Jose Maria Botelho de Vasconcelos is quite optimistic about the oil prices for late 2017. He believes that the prices can reach $60 per barrel by the end of 2017.
On May 25, OPEC member countries and non-OPEC parties, Azerbaijan, Kingdom of Bahrain, Brunei Darussalam, Kazakhstan, Malaysia, Mexico, Sultanate of Oman, the Russian Federation, Republic of Sudan, and the Republic of South Sudan agreed to extend the production adjustments for a further period of nine months, with effect from July 1, 2017.
The reductions will be on the same terms as those agreed in November.
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