Oil is on its rise after OPEC cuts

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This Thursday oils prices went up on the global market. New changes were supported with the official reports from the members of OPEC. It seems like they took their vows very seriously, and began to stop production of crude oil.

Meanwhile, Chinese market shows the increase in demand for oil in the nearest future. And this forecast also helped to make the prices stronger.

Today Brent oil received 50 cents gain and its price was 55.60 dollars per one barrel during the morning trades. As for the WTI American oil it received 35 cents to its former price and now stands at 52.60 dollars for one barrel.

We have to remind you that the main deal between OPEC representatives was made in November when all countries which supply oil agreed to cut the production due to the serious glut problem. This decision broke the 2 years tendency of oil to lose its price because of too many oil producers.

Even though the main oil producers agreed with each other, analysts believe that this deal may be broken anytime. There some countries which already have made few agreements about oil supplies behind OPEC back.

Now the world community worries whether the USA new president after his official inauguration continues the same peaceful policy, and will not break the deal, or America will double oil supplies without serious competitors on the market.

Meanwhile, the official report from Saudi Arabia stated that government there is very serious about OPEC agreement.