20:38 GMT23 September 2020
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    North American WTI oil price increases sharply, as a result of US output reductions and the rise of world oil prices.

    MOSCOW (Sputnik) — Oil prices continue to rise on Monday with the North American WTI crude benchmark rising the most, following news of US output reductions.

    Brent crude futures increased by nearly 0.76 percent by Monday, reaching some of the highest levels since early January and standing at $39.48 per barrel by 06:20 GMT. WTI crude increased by 1.87 percent to $36.59 per barrel.

    Brent crude prices plunged from $115 per barrel to $48.5 per barrel between June 2014 and January 2015, causing significant financial problems for many oil-exporting countries. The Brent crude benchmark has fluctuated between $30 and $35 per barrel since early January, rising above the $35-per-barrel mark in late February.

    On March 4, the statistics showed that the number of US rigs decreased by 13 units, or 2.6 percent, and amounted to 489 units.

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    Tags:
    reductions, increase, production, economy, oil prices, World
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