Home / Economy / Brent Crude Climbs 4.5 Percent To $ 62.35 A Barrel

Brent Crude Climbs 4.5 Percent To $ 62.35 A Barrel

Brent crude climbed 4.5 percent on Monday to $ 62.35 a barrel after Qatar withdrew from the Organization of the Petroleum Exporting Countries (OPEC) as of Jan. 1, 2019.

Oil prices also rose 5 percent after the United States and China agreed not to impose any new tariffs for 90 days and before the OPEC meeting this week, which is expected to result in a cut in supplies. According to Reuters.

The National Oil Corporation (NOC) announced last Friday that last October’s revenues from sales of crude and its derivatives, as well as taxes and royalties from franchise contracts, amounted to $ 2.87 billion, an increase of $ 1.2 billion, or 73%, compared to the previous month.

The price of oil witnessed a marked decline in prices during last November, because of the increase in Saudi Arabia’s production of oil.

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