On Friday, the U.S crude oil prices showed a significant rise and it is considered continuous rise in the 5th consecutive week in this year due to thriving confidence that the major oil producers made an agreement to maintain production.
The U.S crude oil showed a rise of 3 cents to 40.24 U.S dollars per barrel after increasing to 40.57 U.S dollars per barrel and it was superior to the peak of last week of 40.36 as recorded on Thursday. It is notable that benchmark crude rose with 4.6 percent and it was closed at 40.21 U.S dollars per barrel in the previous session. This rise is too close to the full growth of last two year’s Brent crude oil to 41.57 U.S dollars per barrel and it was climbed earlier to 41.72 U.S dollars with a new increase for one year level.
On Thursday, the crude oil price closed with a rise of 1.22 U.S dollars and recorded at 41.55 U.S dollars per barrel. The recorded decline in both contracts on Friday was referred to the resisting level of 40.0 U.S dollars. The commodity contracts manager Avtar Sandu at Philip Futures in Singapore said that the market is looking to get the movement of top oil producers for the calculation of price. It is important that 40.0 U.S dollars per barrel is considered most expensive price of crude oil due to oversupply of crude oil in the market. The crude oil prices have climbed more than 50 percent from its 12 years lowest level due to the idea of maintaining production by the Organization of Petroleum Exporting Countries (OPEC). The Brent is rising at 27 U.S dollars and the U.S crude was around 26 U.S dollars.