Oil Prices Growing by Over 9% Amid Results of OPEC Meeting

Global oil prices are growing by more than 9 percent following the meeting of the Organization of the Petroleum Exporting Countries in Vienna, according to market statistics.

MOSCOW (Sputnik) — Earlier in the day, the OPEC members states agreed to limit the production of oil to 32.5 million barrels per day for six months starting on January 1, 2017.

February futures on Brent oil were at $51.63 per barrel at 18:12 GMT, growing up to 9.11 percent. January futures on the US West Texas Intermediate (WTI) crude increased by 8.78 percent up to $49.2 per barrel.

At the same time just after the announcement of the cartel the prices had shown even higher growth rates, while Brent had grown by 9,55 percent and WTI by 9,06 percent.

The deal is supposed to support the oil prices that have plunged from $115 per barrel in June 2014 to less than $30 per barrel in January 2016, causing hardship for oil producers.