Oil price hits one-year high

Baku. 10 October. REPORT.AZ/ Today, price for a barrel of Brent crude oil increased by 2.5% on stock markets and exceeded 53 USD/ barrel.

Report informs, this is due to positive statements by the officials of oil producing countries in the XXIII World Energy Congress in Istanbul to discuss oil freeze.

According to report, decision on oil output freeze and establishment of a new alliance of oil-producing countries may be discussed in the multilateral meetings as part of the congress, October 12.

Notably, oil price hit one-year high as barrel of Brent crude oil offered at 53.31 USD on October 12, 2015. Oil prices are expected to rise to 55 USD/barrel.