Oil has passed the $ 40 milestone in anticipation of a meeting in Doha

Oil prices rose on Friday and may be in positive territory by the end of the week on the back of data on cuts in US production and ongoing preparations for a meeting of oil producing countries in Doha.

On the London Stock Exchange, quotes for June futures for Brent crude rose 1.6 percent and surpassed the level of $ 40 per barrel. The cost of May contracts for the WTI brand on the New York Mercantile Exchange (NYMEX) increased by 2.15 percent to $ 38.06 per barrel.

In addition, a slow decline in oil production by 14 thousand barrels per day continues for 10 weeks in a row in the United States. According to the United States Department of Energy, the country's oil inventories fell by 4.937 million barrels, analysts were expecting an increase of 2.85 million barrels.

Oil-producing countries of Latin America will gather in Ecuador today to discuss the position of the region, as stated by President of Ecuador Rafael Correa.