Oil Price Grows

Oil prices rose strongly in the first week of New Year after a sharp decline last year, as investors hope the US and China will soon reach an agreement on trade and that the rise of the world's largest economies will stabilise.

In London the price of an oil barel rose 9.3 percent to $57.05, while on the American market, an oil barel rose 5.8 percent to $47.95.

After the decline of more than 20 percent in 2018, in the first week of the New Year, oil prices compensated for some of the losses, Hina broadcasts.

In addition, recently, the Organisation of Exporting Oil Countries (OPEC) and its partners, led by Russia, agreed to cut production by 1.2 million barrels a day since the beginning of 2019.

At the same time, The OPEC will reduce production by 800 thousand barrels per day, and independent producers from 400 thousand barrels, which should reduce the lack of balance between demand and supply.

Reuters research has shown that OPEC production has already been reduced by 460 thousand barrels a day since December.

It is also expected to reduce production in the US after achieving a record 11.6 million barrels a day last year, making the US the world's leading oil producer ahead of Saudi Arabia and Russia.