Brent crude oil rose above $49 on news from the OPEC summit

The price of Brent crude oil rose above $49 per barrel after reports from Vienna, where the members of Organization of countries — exporters of oil (OPEC).

More at 16:00 oil futures mark Brent with delivery in August traded at $48,86 per barrel, according to the auction. A few minutes later, after the news from Vienna, prices strengthened slightly and, as of 16:30, reached $of 49.10 per barrel.

Compared with yesterday’s close, trading session, a barrel of Brent as a whole fell by about 50 cents (minus 0.9%).

Reuters, citing a source in one of the delegations on Thursday said that OPEC summit in Vienna decided to maintain its policy on oil production. According to the interlocutor of the Agency, this means that the organization are unable to agree on a new ceiling on production levels. Information about the fact that OPEC countries are unable to agree to limit production, reported Bloomberg, citing a member of one of the delegations at the talks.

In addition, at the OPEC summit, it was decided that the new Secretary General of the organization will be the candidate from Nigeria Mohammed Barkindo. This post also claimed Mahendra Siregar from Indonesia and Ali Rodriguez of Venezuela.

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