Oil rises to $45 after OPEC president’s prediction – The Cable

Crude oil prices took a dramatic turn on Monday evening and Tuesday morning, rising above $45 a barrel as the president of the Organisation of Petroleum Exporting Countries (OPEC) gave market assurance of a September rise.

Mohammad Al-Sada, who also doubles as Qatar’s minister of energy and industry, said on Monday morning that “higher oil demand is expected in the third and fourth quarters”, leading to higher prices.

He added that, since February of this year, the oil price had experienced a steady improvement following a decline in crude oil production, supply outages and a decrease in oil inventories, while the global demand for oil improved in that period.

After Al-Sada’s assurance, Brent crude, the international benchmark for oil, surged from $42 to $45.33 a barrel – nearly a three percent increase.

West Texas Intermediate (WTI) rose by 2.9 percent to climax at $43.02.

According to OPEC secretariat, OPEC basket price surged to $41.10 a barrel, against $40.08 before Al-Sada’s sentiment.

Al-Sada earlier said that the recent decline observed in oil prices and the current market volatility is only temporary.

Read more at https://www.thecable.ng/oil-rises-45-opec-presidents-prediction