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Mexican Oil Prices Surprisingly Rise

The increase result of the optimistic forecasts issued by the IEA
By The News · 22 of February 2016 19:16:57
File photo of a worker checking valve of oil pipe at Lukoil company owned Imilorskoye oil field outside West Siberian city of Kogalym, A worker checks the valve of an oil pipe at the Lukoil company owned Imilorskoye oil field outside the West Siberian city of Kogalym, Russia, in this January 25, 2016 file photo. After a year of secret diplomacy and hushed-up private talks around the world, OPEC's mighty Saudi Arabia and rival Venezuela were persuaded to cut a deal by non-OPEC Mexico which overcame mutual acrimony and led to a much-needed rise in oil prices. REUTERS/Sergei Karpukhin/Files TPX IMAGES OF THE DAY, No available

The News

The Mexican oil mix reached $26.34 per barrel on Monday, its highest price in the last few days, after a sudden increase of 5.3 percent.

Compared with last week’s closing price, the Mexican oil price increased $1.40 from $24.94.

The rise also affected the international market as the U.S. crude oil WTI rose $6.20 to $31.28 per barrel, its highest in 15 days.

European oil markets closed with an increase of 5.1 percent, sending the oil price to $34.69 per barrel, or $1.70 more.

The optimistic forecasts issued Monday by the International Energy Agency boosted oil prices worldwide.

The international agency reported that in 2017 the oil supply and demand will start to balance due to a decrease in the U.S. output previsions. This reduction may help to counteract the volatility that has affected international markets since 2015.

IEA also said that the actual conditions for the oil market don’t suggest a price recovery in the short-term.