TEMPO.CO, Jakarta - Crude oil prices have strengthened once again on Monday’s trade, March 27, 2017, after the OPEC deal. West Texas Intermediate oil moved up at the New York Mercantile Exchange for June’s shipment. At 07:11 Western Indonesian Time, the prices increased 0.33 percent to US$48.67 per barrel.
On Friday, March 24, 2017, West Texan Intermediate went upwards 0.52 percent to US$48.51 per barrel. Meanwhile, the Brent Crude Oil Complex at the ICE Europe Exchange strengthened 0.31 percent to US$51.08 per barrel at 07:11 Western Indonesian Time.
On the same day, the Brent went up 51 percent to US$50.92 per barrel. Oil prices rose after OPEC and its partners agreed upon the extended time for their oil production cuts, which was originally planned in June this year.
The deal was made to reduce the global oil supply and raise the prices of oil at the global scale. OPEC considers a six-month extension for its production cut, as stated by Kuwait’s Minister of Oil, Issam Almarzooq, on Sunday, following a meeting in Kuwait.
Oil prices dropped considerably to its lowest level in the past week since November 2016. The price drop was caused by the increased level of US’ oil supply, which canceled OPEC’s efforts.
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