Oil price exceeds $ 50 for the first time since three months

The price of one barrel of oil on Tuesday was locked at $ 50 for the first time since three months in New York, following statements by OPEC chairman and because of the wave of cold in Europe and the USA.

The price of one barrel of oil, delivery of March increased at $ 2.1 to be $ 50.45 in New York market.

This came at a time when Europe is witnessing a wave of cold since several days while snow fell at the week end on the north east of the USA.

OPEC chairman, the Kuwaiti minister of energy Sheikh Ahmad al-Sabah said on Tuesday said there will be no need for OPEC member states to reduce the production in its meeting in March if prices remain almost similar to current levels. To this view, the Libyan minister of oil Fatehi Bin Shatwan supported al-Sabah statements.

Oil prices increased by 4 dollars in the two past weeks for reasons including fears that OPEC will reduce production for the second quarter of the year when consumption recedes after winter in the northern hemisphere.