OPEC establishes increase and price of oil rises more than 2%

Future oil contracts rose strong this Friday after OPEC agreed to a modest increase in production to offset losses at a high time in global demand.

The Brent oil rose 1.67 Dollar, or 2,29%, at 74.72 dollars a barrel, at 11:18 (Brasilia time).

U.S. oil was advancing 2.11 dollars, or 3,22%, at 67.65 dollars a barrel advancing 2.11 dollar, or 3,22%, to 67.65 dollars a barrel.

The Organization of the Petroleum Exporting Countries, which is assembled in Vienna, agreed this Friday to expand production from July after Saudi Arabia convinced Iran to cooperate in efforts to reduce the price and avoid a shortage of supply.

The group agreed that OPEC and its Russian-led allies should increase production by about 1 million barrels per day (bpd), or 1% of the global offer, said OPEC sources. Source: Reuters Brasil.

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