Oil Prices Rise

The oil price rose last week on news that Saudi Arabia announced it would work with other producers to “limit oil market volatility.” On Feb 29 Brent crude traded at $35.54 per barrel and WTI traded at $32.95. Saudi Arabia, several OPEC members and non-OPEC member, Russia have agreed to hold production at the January level. Russian President Vladimir Putin has called for a meeting of Russian oil producers for March 1 to discuss strategy. Iran remains the biggest stumbling block to stabilizing global production.