News Journal

Crude may rise after OPEC meeting

The meeting of oil suppliers countries of world, Organization of Petroleum Exporting Countries, that produce at least 40 % of total oil of the world, have decided to reduce production of oil by at least 1 million per barrel and the Venezuelan Oil Minister Rafael Ramirez said that it is expected that oil will rise after the announcements of cut in production.

Oil rose by 70% to a record of $147.27 a barrel on July 11 and for January delivery crude fell to $45 .47 a barrel in electronic trading on the New York Mercantile Exchange.