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Oil Rallies to $40 Per Barrel

The possibility of coordinated production limits among Latin American oil producers helped bring crude oil prices above US$40 a barrel earlier this week, marking a recovery of sorts from lows below U$30 in January.

Benchmark Brent crude hit the symbolic price point after Ecuador said it would host a meeting of Latin American oil producers including Mexico, Venezuela, and Colombia, in Peru on Friday. Their goal is to support the global rise in crude prices that began after Russia and the Organization of the Petroleum Exporting Countries (OPEC) proposed a production freeze last month. While some traders have questioned the deal’s impact and durability, OPEC producers “are talking about a new oil price equilibrium of around $50,” to be reached this year, Reuters reports.

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