Report: WTI Oil can rise to 40 USD/barrel

Baku. 15 February. REPORT.AZ/ Price for WTI crude oil on the global commodity markets exceeded 30 USD / barrel. Texas oil today has risen by 0.6 USD, or 2% and currently trading at a price above 30 USD / barrel. The last time on February 9 WTI crude oil was sold by 30 USD/barrel, then its value dropped to 26 USD.

Report informs, the oil price increase is due to expectations that OPEC may cut production. It should be noted that on February 11, Minister of Energy of United Arab Emirates said that OPEC members are ready to cut production. It should be noted that on February 11, Minister of Energy of the United Arab Emirates said that OPEC members are ready to cut production. Venezuela's oil minister, in turn, suggested OPEC and non-member countries to freeze the level of production at the current level.

Analyst of German bank Landesbank Baden-Wuerttemberg Klampp Frank notes that some traders are closing their short positions in anticipation of production cuts.

Note that reduction factor of active oil and gas rigs as of February 12 by 30 units or 5.2% - up to 541 units had impact on the rise in price of oil.

Analytical Group of Report Information Agency believes that, price of oil is expected to rise to 40 dollars / barrel.