Crude oil prices ascertained at their highest level in three weeks as report said that OPEC soon planning to cut output. Saudi Arabia projected a 5% production slash in each of the oil cartel's 12 member countries to enhance oil prices.
Some market players have said that OPEC members some countries would lower production to support oil prices and revenues from crude, while Saudi wants to continue fighting for market share from ex-OPEC competitors.
On Thursday, closing crude values have increased. WTI on NYME closed at $33.22/bbl, increased by $0.92/bbl compared to last closing prices.
Brent on Inter Continental Exchange increased by $0.79/bbl compared to last trading and was assessed around $33.89/bbl.
