Saudi Arabia causes oil prices to flare up

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Saudi Arabia’s confirmation that the agreements made at the end of last year at OPEC oil cartel pushed up oil prices Wednesday.

The black gold got the wind in the back after the energy minister in Saudi Arabia once again stressed Khalid al-Falih to continue working on the OPEC agreements at the end of last year to stabilize the oil market with a production cut.

He also said that the production restrictions might be extended in the second half of the year. Saudi Arabia is the most important producer of oil within the OPEC.

The Brent price rose by 1.4% around 2 pm (GMT) to a level just above $ 66 per barrel. The WTT price went up 2.3% to $ 56.

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