Oil prices bounce back over OPEC uncertainty
The price of oil rebounded on Monday after early losses sustained when the president of OPEC said over the weekend that there was no reason to reduce output because the organization would be “happy” for prices to fall into the $40 to $45 per barrel range.
Some experts have said that there is some internal debate within OPEC over whether or not to cut back on production. The Center for Global Energy Studies, based in London, said in a report that Saudi Arabia is in favor of maintaining current production levels, but other member nations would rather see production go down.
Prices were also helped by an announcement by French oil producer Total that five of its refineries, closed down by a strike last week, had begun production again.
At late afternoon in London, IPE Brent for July delivery was up 46 cents to $48.47 per barrel after falling to $47.47 earlier in the session.
On the New York Mercantile Exchange, West Texas Intermediate for July gained 75 cents to rise to $49.37 per barrel in early afternoon trade after a morning low of $48.05 per barrel.
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