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Opinion Wed, Feb 3, 2016 Alexey Lossan 1,005

Oil prices could increase if Russia is able to arrive at a deal with OPEC on reducing oil production by a limit of 5 percent, or by around two million barrels a day, according to analyst at MFX Broker Anton Krasko.

According to Krasko, considering that the current oil glut on the world market comprises just 1.5 million barrels a day, this will be enough to stabilize the market and return prices to at least the $40-a-barrel level.