Petroleum Africa
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Tuesday, December 6, 2016
Crude prices are on the rise following the decision by OPEC to reign in production. The price of crude is hitting 16-month highs, rising to $55 per barrel. OPEC met on November 30 and the cartel members agreed to cut production in an effort to stabilize market prices.
Brent crude rose to $55.33 before settling at $54.95 at the close of the market, the highest it has been since July 2015. Across the pond West Texas Intermediate rose to $51.91 per barrel, hitting a peak of $52.42.
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