As of 2.35pm, January futures for Brent oil increased by 0.40% to $78.65 per barrel, futures for WTI oil increased by 0.21% to $74.25 per barrel. Saudi Arabian Oil Minister Ali al-Naimi said earlier that oil extraction should not be reduced, RIA Novosti reports.Oil prices have fallen by a third since June 2014. Some OPEC members called for reduction of oil extraction. Venezuela, Libya, Ecuador and Iran support the initiative.The OPEC will have a meeting in Vienna on November 27.
As of 2.35pm, January futures for Brent oil increased by 0.40% to $78.65 per barrel, futures for WTI oil increased by 0.21% to $74.25 per barrel. Saudi Arabian Oil Minister Ali al-Naimi said earlier that oil extraction should not be reduced, RIA Novosti reports.
Oil prices have fallen by a third since June 2014. Some OPEC members called for reduction of oil extraction. Venezuela, Libya, Ecuador and Iran support the initiative.
The OPEC will have a meeting in Vienna on November 27.
