Oil prices rise as OPEC moves closer to deal

By  Trend

World oil prices are rising on May 25 after OPEC and non-OPEC countries moved closer to agreeing on the deal extension.

The price for July futures of Brent crude oil has increased by 0.82 percent to $54.40 per barrel as of 05:20 (GMT +4).

Meanwhile, the price for July futures of West Texas Intermediate (WTI) has grown by 0.76 percent and stood at $51.75 per barrel.

OPEC and non-member oil producers moved closer on May 24 to clinching a deal on extending output cuts by nine months.

The Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC) convened in Vienna, Austria, for its third meeting on May 24 and stated that based on the report of the Joint OPEC-Non-OPEC Technical Committee (JTC) for April 2017, OPEC and participating non-OPEC producing countries have shown steady and convincing progress towards full conformity with their respective adjustments in production.

As of April 2017, the OPEC and participating non-OPEC producing countries achieved an impressive conformity level of 102 percent, an increase of 4 percentage points over the March 2017 performance.