Prices of oil continue to grow on Tuesday, and new developments are in accordance with the agreement signed by the OPEC and countries outside OPEC regarding the reduction of production of black gold.
Prices of Brent crude oil on European market this morning are growing over 55 USD a barrel, while US WTI crude oil is moving towards a price of 53 USD per barrel.
As in previous days, 17-month record was recorded, since the last recorded jump above 55 USD was registered on the 23rd of July 2015.
The price of oil has been rising since the 14th of November, and when it comes to Europe, price at that time amounted to nearly 44 USD per barrel. It means that the price of oil jumped by 25% in the last month.
At the end of last week, members of the Organization of Petroleum Exporting Countries (OPEC) agreed to reduce oil production by 1.2 million barrels a day to 32.5 million barrels, while the countries that are not members of the organization agreed to reduce production by at least 558,000 barrels per day.
The act of reducing the production of black gold comes into force in January 2017.
(Source: I. P./Klix.ba)
