Oil Prices Slow After Reports of Russia, OPEC States Freezing Extractions

© AP Photo / Hasan JamaliUS President Barack Obama insinuated that the United States was behind the sharp fall in oil prices, which was orchestrated to negatively affect Russia
US President Barack Obama insinuated that the United States was behind the sharp fall in oil prices, which was orchestrated to negatively affect Russia - Sputnik International
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Oil prices slowed on Tuesday after reports over an alleged agreement between the energy ministers of Russia and a number of OPEC countries to freeze their levels of extractions, according to energy market statistics.

Oil pump jack - Sputnik International
Oil Prices Rebound on OPEC-Russia Talks Speculation
MOSCOW (Sputnik) – The ministers who met in Qatar’s capital of Doha decided to freeze oil extractions and will be stabilized at January 11 levels.

As of 09:13 GMT, April futures for North Sea Brent crude grew by 1.36 percent to $33.84 per barrel. March futures for WTI rose by 1.46 percent to $29.87 per barrel.

Earlier WTI and Brent were trading at $31.23 and $35.54 per barrel respectively, or slowed from a 6-percent growth to a 2-percent growth in prices.

Since the collapse in oil prices in the first half of January, officials from the OPEC member states and non-OPEC countries have been mulling a meeting to address the slump in oil prices, which has caused significant financial problems for some nations.

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