Reuters news agency reported on the National Oil Co.’s report on the price of Algerian oil.
The price per barrel in July of Brent crude was 55 cents less, but this week the price rose to a two-month high as U.S. inventories decreased by 10 percent since Venezuela has been threatened with sanctions.
Brent crude futures were $52.85 a barrel, a 33 cent increase, and reached $52.90 a barrel which is the highest its been since May 25. WTI crude futures were $50 a barrel for a short period of time but are now at $49.97 a barrel.
Since OPEC last met, prices have increased about 10 percent as some of the largest producers have discussed the possibility of reducing their supply.
Russia has agreed to cut its production by 1.8 million barrels each day until June 2017, but extended that timeline to March 2018.
The average price of Brent crude will reach and estimated $52.45 per barrel this year which is less than the previous estimate of $53.96 a barrel.
