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Oil Prices Rally as OPEC Extraordinary Meeting Possibility Emerges
Oil Prices Rally as OPEC Extraordinary Meeting Possibility Emerges
Sputnik International
Oil prices have rebounded from Wednesday's historic low, reaching the $30 per barrel mark in late afternoon trading. 21.01.2016, Sputnik International
2016-01-21T21:50+0000
2016-01-21T21:50+0000
2016-01-21T21:50+0000
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business, newsfeed, opec, brent
Oil Prices Rally as OPEC Extraordinary Meeting Possibility Emerges
Oil prices have rebounded from Wednesday's historic low, reaching the $30 per barrel mark in late afternoon trading.
MOSCOW (Sputnik) — Generic US West Texas Intermediate crude futures reached a peak of $30.18 per barrel at 13:05 local time (18:05 GMT) before falling back to $29.71 per barrel by 15:25, in a overall rally over 10 percent compared to Wednesday's closing price of $26.55 per barrel, the lowest since May 2003.
21 January 2016, 16:31 GMT
Brent Crude generic futures traded on the Intercontinental Exchange (ICE) also rallied late afternoon, reaching $29.77 per barrel by 5:05 GMT and later sliding to $29.45 per barrel by 20:20 GMT in an increase of over 6 percent since Wednesday.
21 January 2016, 13:40 GMT
The oil price rally took place after Nigerian Petroleum Resources Minister Emmanuel Ibe Kachikwu's remarks on the OPEC cartel's extraordinary meeting early March. The organization had agreed to hold a meeting in case prices tumbled below $35 per barrel, the minister said, adding that OPEC is still split on the issue of taking action to stem the free fall.
On Wednesady, Saudi Arabia's Foreign Minister Adel al-Jubeir denied allegations that Riyadh intentionally drives down global oil prices by refusing to cut production. Brent crude prices plunged from $115 per barrel to $48.5 per barrel between June 2014 and January 2015. Despite the decline in global prices, OPEC resolved to continue production at the 30 million barrels per day level.