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Crude oil price rises above 45 dollars a barrel

Crude oil prices took a dramatic turn today rising above forty five dollars a barrel as the President of the Organization of Petroleum Exporting Countries, OPEC gave market assurance of a September rise.

 MOHAMMED AL-SADA who also doubles as Qatar’s Minister of Energy and Industry said yesterday that higher oil demands is expected in the third and fourth quarters leading to higher prices.

He added that since February of this year, the oil price had experienced a steady improvement following a decline in crude oil production, supply outages and decrease in oil inventories, while the global demand for oil improved in that period.

 

 

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